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India rejects, Chinese automaker BYD’s $1 billion plan for electric 4 -wheelers.

BYD, the world’s largest electric vehicle maker by sales, in its proposal had pitched to manufacture 10k -15k electric cars a year.

The Centre has reportedly rejected Chinese automaker and battery maker BYD Motors’ proposal to set up a $1 billion 4-wheeler manufacturing facility in Hyderabad by joining hands with Megha Engineering and Infrastructures Ltd (MEIL), The Economic Times reported on Saturday. 

Earlier this month, BYD and Megha Engineering and Infrastructures had submitted a proposal to the Department for Promotion of Industry and Internal Trade (DPIIT).

BYD is the world’s largest electric vehicle maker by sales, in its proposal had pitched to manufacture 10,000-15,000 electric cars a year. Megha Engineering and Infrastructures is a Hyderabad-based infrastructure company that has been involved in the construction of roads, bridges. The target of achieving 30 per cent electric vehicle sales by 2030, and has announced a number of incentives to promote the adoption of electric vehicles.

Planned to set up manufacturing in India, which is now the world’s third-largest car market. With the proposal, the company will be directly competing with Tesla, and Electric vehicles in the global market.

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