MEIL in talks to assemble BYD’s EVs in India as JV plan sputters

News Snapshot:

Megha Engineering and Infrastructures Ltd (MEIL) is in talks to assemble the Atto 3 and e6 electric cars from China’s BYD Auto Co. Ltd in India, two people aware of the development said, at a time its $1 billion investment plan with the electric vehicle (EV) giant has stalled. Hyderabad-based Megha is looking at contract-manufacturing the two models by assembling completely-knocked-down (CKD) kits, which attract a lower import duty than fully built cars. India levies 100% basic customs duty (BCD) on completely built-up units of EVs priced over $40,000 and 70% on those below $40,000. In comparison, semi-knocked-down and CKD...