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BYD Expands EV Operations in Brazil

Chinese EV giant BYD will start selling two new electric vehicles in Brazil this month, betting on favorable political and environmental developments in Latin America’s largest vehicle market, the company said.

Related: BYD Rolls Out 3 Millionth NEV

The vehicles are the Song hybrid and the all-electric Yuan (Atto 3). These will be imported initially until new factories are ready to start operations to build them in Brazil in the northeastern state of Bahia.

In an interview during the launch of the two crossovers, BYD Americas President Stella Li said:

“I believe now is the right time politically and environmentally for us to invest in building these new technologies in Brazil. But it will be a very challenging process and we need a government that has an open mind for technology to grow here.”

President-elect Luiz Inacio Lula da Silva, who takes office on January 1, has promised to overhaul Brazil’s environmental policies, and his program for the election he won in October calls for industries focused on a “green economy” and the need to modernize the auto industry with hybrid.

Scenes from BYD launch event in Brazil

In October, BYD signed a letter of intent with the government of Bahia with an eye to setting up vehicle production in the industrial area left by Ford Motor Company when it closed a factory outside the capital of Salvador. The Bahia government said BYD would build electric bus and truck chassis, as well as electric cars and hybrids at three plants with an investment of 3 billion reais ($550 million), and also process Brazilian lithium for vehicle batteries for export to China. Two of the plants will reportedly become operational in 2024 and the third by 2025.

Related: BYD Smashes Profit Record Ahead of European Push

BYD expects that 10% of all vehicle sales in Brazil will be electric and hybrid models by 2025, compared to the current 2.4%, and the EV market share could jump to 30% by 2030.

Source: Auto News

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