Tesla gains edge in India as BYD faces scrutiny FMTNews FMTBusiness
While Tesla was welcomed with open arms in India, BYD faced more stringent approval requirements from the authorities.Tesla has had a red-carpet welcome from India for its proposal to invest in the country, while its largest rival in electric vehicles, China’s BYD, has been stopped cold by increased scrutiny from New Delhi.
Since a meeting between Musk and Indian Prime Minister Narendra Modi in June in New York, Tesla has fast-tracked closed-door discussions with Indian officials on a potential plant investment and plans to build a new low-cost US$24,000 EV. BYD, meanwhile, appears to be taking a backseat. Months after seeking clearance for its own US$1 billion investment in India, BYD is no longer keen to pursue the approval, Reuters reported. In a further setback, BYD is facing an investigation over allegations that it underpaid import tax in India.
Tesla, too, has Chinese suppliers that have helped it slash production costs at its Shanghai factory and it now wants to bring them to India – where it appears to have an upper hand in talks with New Delhi. BYD has not commented on its US$1 billion India plan while Musk, after meeting Modi, said Tesla plans to make significant investments in the country.Tesla wants to sell 20 million cars globally by 2030, up from 1.31 million in 2022, but faces hurdles to expanding its Shanghai factory.
“If they want volumes, they have to come to India,” he said, adding that with the government incentivising companies to build EVs locally, India can also serve as an export base.
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