SAO PAULO — Chinese automaker BYD on Tuesday said it will invest 3 billion reais ($620.17 million) in a new industrial complex in northeastern Brazil, as it aims to boost local production to offer more competitive prices.
The complex, made up of three plants, will be built in the Camacari industrial park in the northeastern state of Bahia, on land formerly occupied by a Ford plant that closed in 2021.
The announcement comes on the back of a reported push from the government to incentivize BYD to build a new electric vehicle hub after Ford closed its plant in the state.
Operations at the factories are expected to start in mid-2024.
One of the plants will be dedicated to production of chassis for buses and electric trucks, BYD said in a statement.
The second plant will be focused on hybrid and electric vehicles with initial production estimated at 150,000 vehicles per year, while the third will process lithium and iron phosphate for the foreign market.
The complex would generate over 5,000 jobs, the company added.