DIRS.INFO The most relevant business & tech news

☆ Exclusive: BYD tells India partner it wants to drop $1 billion EV investment plan, sources say
▼ + stars: | 2023-07-28 | by ( Sarita Chaganti Singh | ) www.reuters.com time to read: +4 min

BYD executives told Megha Engineering last week that the battery and EV maker wanted to drop pursuit of the investment, according to the two people with knowledge of that exchange. BYD, China's largest EV maker, declined to comment on the status of its investment proposal and whether it would pull the plan to produce electric cars in India. Megha Engineering did not respond to request to comment. A final decision on whether to approve BYD's investment proposal would be taken by Indian ministries of trade and heavy industries. In 2013 it started building electric buses in India with Megha Engineering, under a joint venture company called Olectra Greentech (OLEC.NS).

Persons: BYD, Megha, Aditi Shah, Zoey Zhang, Kevin Krolicki, Simon Cameron, Moore Organizations: Reuters, Megha Engineering, Engineering, automaker Tata Motors, Thomson Locations: DELHI, India, New Delhi, Hyderabad, China, Shanghai

☆ India rejects BYD's $1 bln factory proposal -Economic Times
▼ + stars: | 2023-07-22 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, July 22 (Reuters) - India has rejected Chinese automaker BYD Co's (002594.SZ) proposal to set up a $1 billion factory in India in partnership with Hyderabad-based Megha Engineering and Infrastructure Ltd, the Economic Times reported on Saturday. Reuters reported this month that BYD had submitted a $1 billion investment proposal to build electric cars and batteries in India in partnership with a local company. Reuters could not independently verify the contents of The Economic Times' report. India's Department of Commerce, Department for Promotion of Industry and Internal Trade (DPIIT) had sought opinions from other departments on the investment proposal, the report said. "Security concerns with respect to Chinese investments in India were flagged during the deliberations," the report quoted an Indian official as saying.

Persons: BYD, Sarita Chaganti Singh, Jason Neely Organizations: Engineering, Infrastructure Ltd, Economic Times, Reuters, India's Department of Commerce, Department, Promotion of Industry, Internal, Thomson Locations: DELHI, India, Hyderabad

☆ BYD seeks nod for $1 billion plan to build EVs and batteries in India
▼ + stars: | 2023-07-14 | by ( ) www.cnbc.com time to read: +2 min

China's BYD Co has submitted a $1 billion investment proposal to build electric vehicles and batteries in India in partnership with a local company, three people with direct knowledge of the plan told Reuters. The longer-term plan is to build a full line-up of BYD-brand EVs in India from hatchbacks to luxury models, one of the three people said. BYD, the world's largest producer of EVs and plug-in hybrid vehicles, did not immediately respond to a request for comment. If the India investment is approved, it would give BYD a presence in all major global car markets with the exception of the United States. The investment proposal also includes a plan by BYD and Megha to set up charging stations in India and build research and development and training centres, the sources said.

Persons: China's BYD, BYD, Tesla, EVs Organizations: Auto, Reuters, BYD Locations: Shenyang, Liaoning Province of China, India, Hyderabad, hatchbacks, United States

REUTERS/Nick Carey/File PhotoNEW DELHI, July 14 (Reuters) - China's BYD Co (002594.SZ) has submitted a $1 billion investment proposal to build electric cars and batteries in India in partnership with a local company, three people with direct knowledge of the plan told Reuters. The longer-term plan is to build a full line-up of BYD-brand EVs in India from hatchbacks to luxury models, one of the three people said. BYD, the world's largest producer of EVs and plug-in hybrid vehicles, did not immediately respond to a request for comment. If the India investment is approved, it would give BYD a presence in all major global car markets with the exception of the United States. The investment proposal also includes a plan by BYD and Megha to set up charging stations in India and build research and development and training centres, the sources said.

Persons: Nick Carey, BYD, Tesla, EVs, Sarita Chaganti Singh, Aditi Shah, Zoey Zhang, Shivangi Acharya, Kevin Krolicki, Jacqueline Wong Organizations: REUTERS, Reuters, BYD, Shivangi, Thomson Locations: Farnborough, Britain, DELHI, India, Hyderabad, hatchbacks, United States, New Delhi, Shanghai

Search resuls for: "Megha Engineering"

4 mentions found