NEW DELHI: China BYD ’s top exclusive revealed that it looks forward to manufacturing cars in India but is yet to receive a "direct" signal from New Delhi on a possible easing of stringent investment rules for Chinese businesses, as the automaker seeks to expand in a fast-growing market. Last year in 2023, BYD partnered with a local firm to submit a proposal worth $1 billion to build electric vehicles in India, however the government is yet to approve the plan amid increasing scrutiny of Chinese investments following the 2020 border clash. Rajeev Chauhan, head of BYD's passenger EV business in India responded to investment easing concerns and said, "The ambition is always there but you need a lot of other things.
(We) don't have any direct signal." He said in an interview that they hope for things to get a little better and this time they would like to think a little more about their future plans in India. Increasing scrutiny of Chinese companies has led Great Wall Motor, a competitor of BYD, to abandon its plans to invest $1 billion in India, the world's third-largest car market.
India is emerging as an important market for the car and battery-maker, which is rapidly expanding globally, however, BYD is a small player in India, with investment worth $200 million and only selling imported EVs like the Atto 3 SUV and Seal sedan. Cars manufactured locally would help BYD launch more competitively-priced EVs in India. While approval is awaited, the Chinese entity is eying wealth.