Automaker BYD Co. Ltd. (01211.HK) is building its next factory in Brazil, amid growing economic ties between China and the South American nation.
Just a day before the announcement, Brazil, China, India, Russia and South Africa signed off on the establishment of a development bank for the BRICS emerging markets during a leaders’ summit in Brazil.
Chinese President Xi Jinping is visiting Brazil, Venezuela, Cuba and Argentina to strengthen ties with the South American countries.
BYD’s electric bus and battery assembly plant will be located in Campinas in the São Paulo state of Brazil. It will be the company’s first manufacturing facility in the region.
The facility is expected to have a maximum production capacity of 1,000 electric buses when it opens in 2015, BYD general manager for Brazil Tyler Li said in a statement released on Wednesday.
BYD founder and chairman Wang Chuanfu said the company chose Campinas because of the city’s spirit of innovation and its goal of building a cleaner society.
“Along with the buses and batteries, our dream is to build solar panels and energy storage systems here to help the region achieve their zero emissions goals,” Wang said.
In addition to the 32,000 square meter and 20,000 square meter manufacturing facilities, BYD also plans to open a research and development center for their photovoltaic, smart-grid and LED lighting businesses in the second phase of site development, the statement said.
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