China’s top electric vehicle (EV) automaker, BYD, is considering an investment in India. However, the Chinese EV automaker waits for the Indian government to ease strict investment rules on Chinese businesses.
“The ambition is always there, but you need a lot of other things. (We) don’t have any direct signal. We do hope things will become a little better. That is the time we would definitely like to think a little more on this subject,” said Rajeev Chauhan, BYD Head of Passenger EVS in India.
Due to India’s stringent investment rules on Chinese companies, BYD’s competitor, Great Wall Motor, has postponed plans to invest $1 billion in the third-largest car market worldwide. As of this writing, BYD imports and sells two EVs in India: the Atto 3 SUV and the Seal sedan. The top Chinese automaker has invested $200 million in India so far. It wishes to invest more as India is a rapidly expanding car market.
“There are a lot of players in the mass segment and quite a few players in the luxury segment. The premium segment, that’s where we are trying to reach and position. This is a space where we feel we belong, our cars belong,” Chauhan told Reuters.
BYD’s plans to invest in India go against advice from China’s Ministry of Commerce. In July, the Chinese government told local automakers, including BYD, SAIC, and GEELY, to avoid investing in India. It also strongly advised against investments in Russia and Turkey.
Besides India, BYD has shown interest in building a facility in Mexico. The company also reportedly has plans to enter Canada’s auto market despite the country’s 100% tariff on EV imports made in China.
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