BYD increases investment in electric car factory in Brazil to $1.1 billion

BYD announced that its investment in its electric vehicle factory in Brazil will increase from 3 billion reais to 5.5 billion reais (about 1.1 billion U.S. dollars). The company also plans to build five residential buildings to accommodate 4,230 employees. BYD said that the Brazilian factory will have an initial annual production capacity of 150,000 vehicles and will produce pure electric vehicles and hybrid vehicles. It is expected to start production this year. In addition, BYD has paid 287.8 million reais (about 58 million U.S. dollars) to the Bahia state government to purchase a total area of ​​4.6 million square meters of factory buildings.