BYD Picks Brazil for Its First Electric-Vehicle Hub Outside Asia
- Chinese group to build EV complex for Latin American expansion
- Plant will have capacity for 150,000 electric cars per year
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BYD Co. will invest 3 billion reais ($624 million) in Brazil to build its first electric-car plant outside Asia as the Chinese giant seeks to extend its geographical reach amid a global surge in sales.
The fully-electric and plug-in hybrid maker — which rivals Tesla Inc. as the world’s largest producer of EVs — plans to build a production complex in the northeastern state of Bahia, according to a statement on Tuesday. The facility will include hybrid and electric car production, a unit focused on chassis for electric buses and trucks, and one to process lithium and iron phosphate for the international market. Operations are expected to start by 2024.