Chinese company Build Your Dreams (BYD), specialised in hybrid and electric vehicles plans to invest US$95 million in a factory in Brazil, its first in Latin America, the Sao Paulo state government said.
The factory will be installed in the Campinas industrial hub, 100 kilometres from Sao Paulo, and will initially focus on renewing Brazil’s public transport fleet as well as those of other countries in the Mercosur bloc.
A statement from the Sao Paulo State government said that the factory would employ 450 people and would assemble electric buses, iron phosphate batteries and solar panels.
The chairman of BYD Brasil, Tyler Li, said that the factory would have capacity to manufacture between 500 and 1000 buses per year.
According to BYD the hybrid and electric vehicles will cost the same as diesel-driven versions.
BYD, which was founded in 1995 and is based in Shenzhen, next to the Hong Kong border, employs 150,000 people, has 10 industrial parks in China and offices in the United States, Canada, Denmark, the Netherlands, Finland, Hungary, Japan, South Korea, India, Taiwan and Hong Kong.(macauhub/CN/BR)