Chinese concern BYD will start producing electric vehicles in Brazil
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Chinese electric vehicle maker BYD will build a plant in Brazil, the company’s first facility outside of Asia. About this with reference to the statement of the company informed Bloomberg.
The company plans to invest about 3 billion Brazilian reais (about $624 million) in the construction of the plant, the agency specifies. The facility will produce hybrid and electric vehicles, as well as parts for electric buses and trucks.
The plant will also produce lithium and iron phosphate for the international market. The project could start in 2024.
BYD (full name Build Your Dreams) was founded in 1995 in Shenzhen. In the late 2000s the company entered the Russian market with two models – Flyer and F3, but they were not particularly popular. Later, the concern switched to the creation of hybrid, and then fully electric cars.
In the first half of 2022, BYD overtook its main competitor, Tesla, in terms of the number of products sold. The Chinese concern has sold over 641,000 cars, while Tesla has sold 546,000.
In September 2022 Vedomosti wrotethat BYD may re-enter the Russian market in 2023. At the same time, the Belarusian company SGP planned to import the products of the concern.
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