Chinese automaker BYD (002594.SZ) on Tuesday said it will invest 3 billion reais ($620.17 million) in a new industrial complex in northeastern Brazil, as it aims to boost local production to offer more competitive prices.
The complex, made up of three plants, will be built in the Camacari industrial park in the northeastern state of Bahia, on land formerly occupied by a Ford (F.N) plant that closed in 2021.
The announcement comes on the back of a reported push from the government to incentivize BYD to build a new electric car hub after Ford closed its plant in the state.
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