China’s BYD to increase its investment in Brazil by 83% to 1 billion US dollars

Photo: Wikimedia Commons.

The Chinese electric vehicle manufacturer BYD, one of the world’s leading players in the industry, has announced a significant increase of 83% in its investment for its upcoming Brazilian plant, reaching US $1.1 billion. This investment will be used mainly to accelerate the construction of the factory to start production of electric cars in the city of Camaçari, in the state of Bahia, as soon as possible.

BYD’s CEO for the Americas and global vice president, Stella Li, highlighted the importance of this investment during an event at the Camaçari factory. In addition, BYD announced that it will build five residential buildings to house factory employees, with a capacity for up to 4,230 people.

The Camaçari factory, which is set to be BYD’s first electric vehicle production facility outside of Asia, aims to start production by the end of 2024. Initial production capacity is estimated at 150,000 vehicles per year in the first phase, with a possible expansion of up to 300,000 units in its second phase.

Bahia’s governor, Jerônimo Rodrigues, expressed his support for the project, highlighting the importance of infrastructure and government collaboration in driving the rapid progress of the project.

This investment is expected not only to benefit the local economy through job creation and industrial development, but also to contribute to the promotion of electric mobility in Brazil and the reduction of greenhouse gas emissions.

The expansion of the electric vehicle industry in Brazil reflects a shift towards sustainability and the adoption of clean technologies in the automotive sector. This may also influence government policies aimed at promoting electric mobility and reducing dependence on fossil fuels.

Main source:

La china BYD elevará un 83 % su inversión en Brasil hasta unos 1.0905 millones de dólares (2024, marzo 19).
https://es.investing.com/news/stock-market-news/la-china-byd-elevara-un-83–su-inversion-en-brasil-hasta-unos-1005-millones-de-euros-2607605

Other related sources:

Xinhua (18 de marzo, 2024)
https://spanish.news.cn/20240319/3687c30972fe4e5386dc750e8e32a256/c.html