BYD, the largest manufacturer of electric vehicles (EVs) in the world and a Chinese automaker, is to invest US$620 million in a Brazilian industrial complex. In the second half of 2024, operations at the complex in Brazil’s Bahia state’s northeast are anticipated to start.
In the Camacari industrial estate, the facility will be constructed on ground that was formerly home to a Ford plant. Ford closed the facility in 2021.
A Chinese Automaker
The Brazilian project, which consists of three facilities, will produce lithium iron phosphate, a crucial component for EV batteries, as well as bus and electric truck chassis and EV body panels. According to a statement from the firm, the second plant will be able to manufacture 150,000 electric vehicles annually.
According to Stella Li, Executive Vice President of BYD and in charge of its operations in the Americas, the plants will support the company’s fast expansion in South America and are anticipated to generate 5,000 jobs locally.
- BYD invests $620 million in Brazilian EV complex.
- Brazilian project manufactures 150,000 vehicles annually using lithium iron phosphate.
- BYD delivers 2,53,046 vehicles in June 2023, up 5.3%.
The world‘s largest manufacturer of electric vehicles, BYD, overtook Tesla in 2022. It made use of the growing preference for environmentally friendly vehicles among Chinese drivers and car owners. After breaking sales records in mainland China last month, BYD is stepping up its globalization efforts with an investment in Brazil.
In comparison to the 2,39,092 cars delivered in May, BYD delivered 2,53,046 vehicles in June 2023, an increase of 5.3%. Warren Buffett’s Berkshire Hathaway is a supporter of the automaker based in Shenzhen.
BYD has been actively pursuing international markets by sending automobiles built in China to nations like Australia and India. BYD began building its first facility in Southeast Asia, in Thailand, in March 2023. When the facility is finished early the following year, it will be able to produce 150,000 EVs annually.
The Indonesian government and BYD inked a preliminary deal in May 2023 to develop electric vehicles there, according to the South China Morning Post (SCMP). Additionally, it is constructing a factory in Uzbekistan.
