Warren Buffett-Backed BYD Plans To Invest $620M In Brazil's Camaçari Industrial Complex

Warren Buffett-backed Chinese EV giant BYD Co BYDDY BYDDF plans to start operations in three factories simultaneously in the Bahis's Camaçari industrial complex, 50 km from Salvador in Brazil. 

With an investment of over 3 billion reais (~$620 million), the development will generate more than 5,000 jobs for years. 

"We want to hire local labor starting this year so that they can begin receiving all the necessary training and knowledge transfer," said Tyler Li, President of BYD Brazil.

The three factories are scheduled to start operations in the second half of 2024.

Also Read: Warren Buffett-Backed BYD Continues To Trump Elon Musk's Tesla In Deliveries

The first factory will produce electric buses and trucks; the second will deliver hybrid and electric automobiles, with an estimated capacity of 150,000 units per year in the first phase. The third unit will focus on lithium and iron phosphate processing.

The development will boost domestic production in Brazil, providing more competitive local prices. The company will also prioritize hiring established regional companies for civil construction works.

BYD's new complex will attract suppliers of various types, whether in the technical parts or services sectors.

Price Action: BYDDF shares were up by 3.42% to $33.10 at the close on Monday.