BYD To Invest $620 Million in Brazil to Improve Local Production

BYD, a Chinese automaker, announced on Tuesday that it will invest 3 billion reais ($620.17 million) in a new industrial complex in northeastern Brazil, with the goal of increasing local production and offering more competitive prices. The three-plant complex will be built in the Camacari industrial park in the northeastern state of Bahia, on land previously occupied by a Ford plant that will close in 2021.

The announcement follows a reported government push to incentivize BYD to build a new electric car hub in the state after Ford closed its plant there. The plants are expected to begin operations in mid-2024.

One of the plants will be dedicated to production of chassis for buses and electric trucks, BYD said in a statement. The second plant will be focused on hybrid and electric cars with an initial production estimated at 150,000 cars per year, while the third will process lithium and iron phosphate for the foreign market.

The complex would generate over 5,000 jobs, the company added.