BYD, a former fossil fuel car manufacturing factory, will be opening its first electric vehicle production plant outside of Asia. President Luis Inácio Lula da Silva of Brazil announced the news through Elon Musk’s X platform. BYD plans to invest 608 million in its new Brazilian EV factory located in Camaçari, Bahia, with the goal of generating 10,000 jobs in the area. The company is wasting no time in converting the facility as work on the factory’s expansion and modernization is set to begin next month.
According to Tyler Li, the President of BYD Brazil, the aim for the new EV factory is to produce 150,000 cars annually. A tweet from Lula further highlighted the news of BYD’s new venture in Brazil, including the delivery of an electric car for the use of the Presidency of the Republic and a detailed plan presentation.
Earlier discussions were held between BYD and Brazilian supplier Sigma Lithium regarding a potential supply agreement, joint venture, or even an acquisition. BYD is also considering investing up to $2.9 billion in the Brazilian lithium supplier. Similar to Tesla, BYD has recently taken steps to enhance its new energy vehicles.