BYD Boosts Investment in Brazilian EV Plant by Over 80%

BYD COMPANY intends to increase its investment in its new electric vehicle plant in Brazil by approximately 83.3%, raising it to BRL5.5 billion from BRL3 billion. Additionally, the company plans to construct five residential buildings to accommodate 4,230 employees, as reported by Bloomberg. This Brazilian facility marks BYD's first plant outside of Asia.

Li Ke, BYD Global Vice President and President of the Americas, recently highlighted the growing electrification trend in Latin America. She noted that sales in Brazil are progressing well and emphasized that both the Brazilian and Mexican plants will cater to the Latin American market.

Ke also mentioned that the Mexican plant, initially capable of producing 150,000 vehicles annually, will focus on sedan production. Discussions regarding the Mexican plant's location are ongoing, with a final decision expected by the end of this year.