India hopes to become the global center for electric vehicle production, but high tariffs have become an obstacle.
Dolphin Seahorse at the India Auto Show
Fenghuang Technology News, April 8th, according to a report by Bloomberg, despite India's attraction of investment from Tesla, an American electric vehicle company, the country is still restricting BYD's market access.
Piyush Goyal, India's Minister of Commerce, said in an interview with Bloomberg Television on Monday at the India Global Forum held in Mumbai. "India must carefully consider its strategic interests and prudently select which investors are allowed to invest. Currently, our attitude towards BYD's investment in India is 'no'." he said.
Last year, India rejected BYD's proposal to build a factory worth $1 billion with a local partner. Just days ago, there were reports that BYD planned to invest 10 billion yuan in building a factory in Hyderabad, the capital of the southern Indian state of Telangana. However, BYD later denied the news, stating that it was "untrue".
India's tough stance highlights the country's broad protectionist stance on automobile imports. For a long time, India has protected its domestic automakers through high tariffs, imposing a 100% import duty on complete vehicles, which is the highest among major economies.
India hopes to become the global center for electric vehicle production, but high tariffs have become an obstacle. Although the demand for affordable electric vehicles and compact SUVs priced below $25,000 is surging in the Indian market, Tesla has not entered the Indian market due to high tariffs, and BYD has encountered difficulties in obtaining investment permits.
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