BYD (HKG:1211, SHE:002594) signified its intent to manufacture cars in India but it has not yet seen clear signs that investment rules for Chinese companies would be eased, Reuters reported Tuesday, citing an executive.
The car manufacturer submitted a $1 billion proposal for the manufacture of electric vehicles in India together with a local partner, the report said.
However, the government is yet to approve the plan with scrutiny of Chinese investments rising following a clash over their borders, the report said.
Manufacturing cars in India will help BYD sell their products locally at lower prices, the report said.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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