ARGUS Media

RIO
EnergiesNet.com 07 06 2023

China’s largest EV manufacturer BYD on 5 July announced that it will build a production complex for new energy vehicles (NEVs) in Camacari in Brazil’s northeastern state Bahia.

The complex will comprise three production facilities — one each for electric coach and truck chassis, new energy passenger cars and lithium iron phosphate (LFP) battery material. Its designed capacity is 150,000 units/yr for battery electric vehicles (BEVs) and hybrids.

BYD will invest 3bn reals (4.5bn yuan) to build the complex, which is scheduled to launch production in the second half of 2024. The firm signed a letter of intent with the Bahia state government on 27 October last year to set up the three production lines.

BYD has been expanding its EV and battery footprint outside China to take advantage of a rapidly-evolving global EV market. Its first overseas production project is in Rayong of Thailand with a 150,000 units/yr capacity and the launch is targeted for 2024. BYD sold 10,536 vehicles outside China in June 2023.

The company signed an initial agreement with the Indonesian government in May as its seeks to explore potential for greater EV investment between Indonesia and China. It has also rolled out electric buses in Bogota, Colombia, as cities in Latin America push forward to electrify their bus systems.

BYD reported record-high NEV output and sales in 2022, surpassing US electric vehicle maker Tesla as the world’s largest EV producer. BYD’s NEV sales target will exceed 3mn units in 2023, up from 1.86mn in 2022. It is also a major battery manufacturer in China, installing 11.816GWh of power and energy storage batteries in June, up by 72pc from a year earlier.

BYD is not the first Chinese automaker that has invested in overseas vehicle production. Chinese private-sector auto manufacturer Great Wall Motor unveiled a plan in May to launch an NEV production plant in Brazil by 1 May 2024, with a designed capacity of 100,000 units/yr. Great Wall has also established plants in Russia and Thailand.

Argus forecasts that global EV sales will rise to more than 37mn units by 2028 from 18.1mn units in 2024, driven by decarbonisation targets set by national governments, with strong growth initially from the Asia-Pacific market and then from emerging markets.

argusmedia.com 07 05 2023