Indian Govt Rejects Chinese BYD Motors’ Plan to Build $1 Bn EV Plant: Report

News Snapshot:

As the government gears up to welcome Elon Musk’s Tesla to set up a supply chain ecosystem in the country in the foreseeable future, the Centre has reportedly rejected Chinese electric vehicle (EV) giant BYD Motors’ plan to set up a $1 billion four-wheeler manufacturing facility in the country. BYD’s proposal to join hands with Hyderabad-based Megha Engineering and Infrastructures Ltd (MEIL) for electric cars and batteries has apparently hit a roadblock over “security concerns", reports The Economic Times. In its proposal to the Department for Promotion of Industry and Internal Trade (DPIIT), BYD-MEIL reportedly made a pitch to manufacture...