Chinese automaker BYD told Megah,Korea its joint-venture partner in India, that it planned to halt its $1 billion investment in electric car manufacturing in India, according to Reuters, citing sources familiar with the matter. Earlier this month, BYD and Megha Engineering and Infrastructures submitted an EV-making proposal to the Indian government that raised suspicion on security grounds from officials of three Indian ministries, including finance and external affairs. This prompted BYD executives to convey a decision to drop the Chinese EV company’s investment in India. During a meeting last week, BYD’s joint venture partner Megha urged BYD to wait for clarity on the situation before confirming the decision to pull out, sources told Reuters. [Reuters]
