SAO PAULO, July 4 (Reuters) – Chinese language automaker BYD (002594.SZ) on Tuesday mentioned it would make investments 3 billion reais ($620.17 million) in a brand new industrial advanced in northeastern Brazil, because it goals to spice up native manufacturing to supply extra aggressive costs.
The advanced, made up of three crops, can be constructed within the Camacari industrial park within the northeastern state of Bahia, on land previously occupied by a Ford (F.N) plant that closed in 2021.
The announcement comes on the again of a reported push from the federal government to incentivize BYD to construct a brand new electrical automobile hub after Ford closed its plant within the state.
Operation on the crops is anticipated to start out in mid-2024.
One of many crops can be devoted to manufacturing of chassis for buses and electrical vans, BYD mentioned in an announcement.
The second plant can be targeted on hybrid and electrical automobiles with an preliminary manufacturing estimated at 150,000 automobiles per yr, whereas the third will course of lithium and iron phosphate for the international market.
The advanced would generate over 5,000 jobs, the corporate added.
($1 = 4.8374 reais)
Reporting by Patricia Vilas Boas; Writing by Carolina Pulice; Enhancing by Invoice Berkrot
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