In a bold move to widen its international presence, the Chinese electric vehicle powerhouse BYD boosts its investment in Brazil by 83%, reaching 5.5 billion reais ($1.1 billion).
This increase underscores BYD’s growing involvement in Bahia, especially the Camaçari area.
Stella Li, BYD’s CEO for the Americas and Global Vice President, highlights the company’s plan to fast-track construction, aiming for the early production of electric vehicles in Bahia.
Additionally, BYD commits to enhancing employee living conditions by constructing five residential buildings for 4,230 workers.
Launching BYD’s first electric vehicle manufacturing plant outside Asia, located in Camaçari, Salvador’s metropolitan area, marks a pioneering step.
The company plans to start assembling vehicles by late 2024, with full-scale production anticipated between 2024 and 2025.
Initially, the plant will produce 150,000 units annually, with potential expansion to 300,000 units in the next phase.
This expansion involves significant infrastructure development, such as ports for imports and exports, plus roadways to support logistics in the Camaçari industrial zone.
This effort illustrates a collaborative endeavor between BYD and the Bahia government, aimed at swiftly advancing the project.
This initiative showcases BYD’s ambitious growth strategy and highlights Brazil’s emerging significance in the global electric vehicle sector, marking a significant step towards sustainable transport solutions in the region.
Background
While Tesla courts Mexico, Chinese BYD, one of the world’s largest makers of electric vehicles (EVs), plans to build a new production facility in Bahia, Brazil.
The company will utilize the facility previously occupied by Ford in Camaçari. However, Ford announced in January 2021 that it would no longer manufacture cars in Brazil.
BYD, founded in 2002, is known for manufacturing passenger cars, trucks, and buses. In addition to conventional vehicles, the company has invested in electric models, as announced through their Brazilian division’s Instagram page.
The company is channeling $14 billion to enhance its vehicles with cutting-edge features. This move is aimed at narrowing the gap with competitors in the evolving automotive industry.
This investment’s key focus is integrating ‘autopilot navigation’ into some electric and hybrid models.