What a difference a week makes for Berkshire Hathaway-backed BYD, the world’s leading manufacturer of new energy vehicles. Just a week after BYD proposed building a $1 billion battery and automotive facility in India in partnership with Hyderabad-based Megha Engineering and Infrastructures Ltd., the plan now looks to be dead.
The Modi government has reportedly rejected the joint proposal citing security concerns “security concerns” in regards to Chinese investments in India.
BYD and Megha had proposed building up to 15,000 EV automobiles annually in the facility. The proposed joint venture would have combined Megha’s capital and BYD’s expertise in EV manufacturing.
© 2023 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway and BYD, and this article is not a recommendation on whether to buy or sell a stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.