BYD to Invest 620 Million Dollars in New Industrial Complex in Brazil
Published By: Paras Yadav
Last Updated: July 05, 2023, 12:09 IST
BYD Seal EV (Photo: IANS)
The announcement comes on the back of a reported push from the government to incentivize BYD to build a new electric car hub after Ford
Chinese automaker BYD on Tuesday said it will invest 3 billion reais in a new industrial complex in northeastern Brazil, as it aims to boost local production to offer more competitive prices.
The complex, made up of three plants, will be built in the Camacari industrial park in the northeastern state of Bahia, on land formerly occupied by a Ford plant that closed in 2021.
Also Read: Electric Two-Wheeler Sales Declines to Lowest in 16 Months
The announcement comes on the back of a reported push from the government to incentivize BYD to build a new electric car hub after Ford closed its plant in the state.
Operation at the plants is expected to start 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.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – Reuters)
Published By: Paras Yadav
Last Updated: July 05, 2023, 12:09 IST
BYD Seal EV (Photo: IANS)
The announcement comes on the back of a reported push from the government to incentivize BYD to build a new electric car hub after Ford
Chinese automaker BYD on Tuesday said it will invest 3 billion reais in a new industrial complex in northeastern Brazil, as it aims to boost local production to offer more competitive prices.
The complex, made up of three plants, will be built in the Camacari industrial park in the northeastern state of Bahia, on land formerly occupied by a Ford plant that closed in 2021.
Also Read: Electric Two-Wheeler Sales Declines to Lowest in 16 Months
The announcement comes on the back of a reported push from the government to incentivize BYD to build a new electric car hub after Ford closed its plant in the state.
Operation at the plants is expected to start 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.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – Reuters)
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