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Chinese carmaker BYD Company said it will invest 3 billion reais ($620.17 million) in a new industrial complex in northeastern Brazil.
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 plant that closed in 2021.
One of the plants will be dedicated to production of chassis for buses and electric trucks, the second plant will be focused on hybrid and electric cars with an initial production estimated at 150,000 cars per year, while the third will process lithium and iron phosphate for the foreign market.
Operation at the plants is expected to start in mid-2024 and the complex will generate over 5,000 jobs, it said.