To increase local production and provide more competitive prices, the Chinese manufacturer BYD announced it will invest 3 billion reais ($620.17 million) in a new industrial complex in northeastern Brazil. The complex, which consists of three facilities, will be constructed at the Camacari industrial park in the state of Bahia in the northeast on the site of the former Ford facility, which will shut down in 2021.

 

The revelation follows a rumored push by the government to encourage BYD to construct a new electric vehicle center after Ford shut down its manufacturing in the region. The plants are anticipated to begin operating in the middle of 2024. According to a statement from BYD, one of the sites would be devoted to producing bus and electric vehicle chassis.

 

With an initial production estimate of 150,000 vehicles annually, the second factory will concentrate on hybrid and electric vehicles, and the third would process lithium and iron phosphate for export. As per the company, the facility would provide about 5,000 jobs.

 

BYD Co. Ltd. is a publicly traded Chinese manufacturing corporation with its headquarters in Shenzhen, Guangdong. In February 1995, Wang Chuanfu established it. BYD Auto and BYD Electronic are the two main subsidiaries of the business. Automobiles, buses, lorries, forklifts, electric bicycles, solar panels, and rechargeable batteries are all produced by BYD Company.