India Rejects $1 Billion BYD EV Factory Proposal Over Security Concerns

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India Rejects $1 Billion BYD EV Factory Proposal Over Security Concerns

India has rejected a $1 billion proposal from Chinese automaker BYD to set up an electric vehicle (EV) factory in the country. The decision was reportedly made due to security concerns, with some government officials expressing fears that the factory could be used to collect sensitive data.

BYD is one of the world’s largest EV manufacturers, and the proposed factory would have been a major boost for India’s growing EV market. The company had planned to produce 10,000-15,000 EVs per year at the factory, which would have created thousands of jobs.

The decision to reject the proposal is a setback for India’s efforts to attract foreign investment in the EV sector. The government has been working to make India a global hub for EV manufacturing, and the rejection of the BYD proposal could make it more difficult to attract other Chinese investors.

The decision has also been met with criticism from some industry experts, who argue that the security concerns are overblown. They point out that BYD is a well-established company with a good track record, and that there is no evidence that it would use the factory to collect sensitive data.

It remains to be seen whether India will reverse its decision on the BYD factory proposal. However, the rejection of the proposal is a sign that the government is taking security concerns seriously, and that it is not willing to compromise on national security in order to attract foreign investment.

India Rejects $1 Billion Bid By Chinese Carmaker To Set Up EV Factory: Report

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