BYD, the world’s largest EV maker, is expanding its global presence with a US$620 million investment in Brazil. The Chinese carmaker, backed by Warren Buffett’s Berkshire Hathaway, announced on Wednesday that it will build an industrial complex in Bahia state, in the northeast of the country.
The complex will consist of three plants, which will start operations in the second half of 2024. One plant will produce chassis for buses and electric trucks, another will assemble EVs, and the third will produce lithium iron phosphate, a key material for EV batteries.
The project will be located on land that was previously occupied by a Ford plant in the Camacari industrial estate. Ford closed the factory in 2021, as part of its global restructuring plan. BYD said it will create 2,000 direct jobs and 10,000 indirect jobs with the new complex.
BYD is accelerating its globalisation drive after setting a sales record in mainland China last month. The carmaker delivered 253,046 vehicles in June, surpassing its previous record and signaling a strong revival in China’s EV sector. BYD also has operations in other countries, such as the US, Japan, and Chile.