On Tuesday, Chinese automaker BYD announced its plan to invest $620 million in a new industrial complex in northeastern Brazil. The objective is to enhance local production and offer more competitive prices. The complex, consisting of three plants, will be constructed in the Camacari industrial park in the state of Bahia. This site was previously occupied by a Ford plant that closed in 2021. The Brazilian government reportedly played a role in encouraging BYD to establish a new electric car hub following Ford’s plant closure. Operations at the plants are expected to commence in mid-2024. According to BYD’s statement, one of the plants will focus on manufacturing chassis for buses and electric trucks. The second plant will specialize in hybrid and electric cars, with an initial capacity of manufacturing around 150,000 vehicles per year. The third plant will be dedicated to the processing of lithium and iron phosphate, primarily for the international market. The establishment of this industrial complex is expected to create over 5,000 job opportunities, according to BYD. [Reuters]