BYD invests in Brazil on new industrial complex
The complex will consist of three manufacturing units. One dedicated to the production of chassis for electric buses and trucks.
Salvador, Brazil- BYD (Build Your Dreams)., a Chinese automotive producer stated that it will be investing of R$ 3 billion in building up an industrial complex in the Camaçari complex, 50km from Salvador, Brazil.
The complex will consist of three manufacturing units. One dedicated to the production of chassis for electric buses and trucks. The other will produce hybrid and electric automobiles, with an estimated capacity of 150,000 units per year in the first phase. The third unit, focused on lithium and iron phosphate processing, utilizing the existing port infrastructure at the location.
Stella Li, Executive Vice President CEO of BYD and CEO of BYD Americas said, "This is an extremely important moment for BYD in the Americas. These new factories in Bahia will bring innovation and the highest standards in technology, this will allow the introduction and acceleration of electromobility in the country, a key movement to combat climate change and really improve people's quality of life."
Tyler Li, President of BYD Brazil commented, "The social contribution will be significant. We want to hire local labor starting this year so that they can begin receiving all the necessary training and knowledge transfer. At BYD, we are strongly committed to contributing and generating value for Brazilians."
This announcement has been on roll due to the Brazilian government incentivizing BYD to build new electric car hub as Ford has closed its plants in the country as per the intent* signed in the month of October 2022.
The company intends to contribute to regional development by giving priority to local suppliers. For civil construction works, the company will also prioritize hiring established companies in the region. The operations are scheduled to start from the mid of 2024, and generate 5000 jobs, the company added.
*The State's contribution to the feasibility of the project includes the granting of tax incentives until December 31, 2032, in accordance with state tax legislation. The benefits are based on Law No. 7.537/99, which establishes the Special Incentive Program for the Automotive Sector of Bahia (Proauto), and on State Law No. 7.980/2001 and Decree No. 8.205/2002, which establishes the Industrial Development and Economic Integration (Desenvolve)
