Chinese automaker BYD announced they would start selling two EVs in Brazil later this month. The two vehicles are the plug-in hybrid Song and the full EV Yuan.
Many expect BYD to set up local production soon, but until those factories are up and running, the company will import the vehicles from their production sites in China.
At the announcement, 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… We are at a very good moment to start to expand technologies here … and in time Brazil will be able to develop its own industry. (via Reuters)
Last month, BYD signed a letter of intent with the government of the State of Bahia.
The Bahia government noted that BYD had an eye to set up vehicle production at an industrial area left by Ford outside of Salvador, Brazil.
The plan would see two plants go on-stream in 2024 and the third go live in 2025.
However, BYD did not provide any details about the potential investment, but they did confirm that a decision on the production side would come by the end of the year.
Brazil is an attractive emerging market on the EV side.
Currently, EVs account for 2.4 per cent of auto sales, but some believe that will jump to 10 per cent by 2025 and 30 per cent by 2030.
