INTERNATIONAL- Chinese electric car company BYD has held talks with Brazilian company Sigma Lithium regarding a possible supply agreement, joint venture, or acquisition, as reported by the Financial Times on Sunday.
BYD’s chairman in Brazil, Alexandre Baldy, mentioned that BYD met with Sigma’s CEO, Ana Cabral Gardner, in Sao Paulo last month, but he did not provide further details due to confidentiality agreements.
Both companies have remained tight-lipped, and neither BYD nor Sigma responded to Reuters’ requests for comment. However, the discussions signal an ongoing effort by BYD to strengthen its presence in the South American electric vehicle market.
Sigma, in January, revealed that it had begun the process of an initial public offering (IPO) for its Brazilian subsidiary, Sigma Brazil, which will be listed on the Nasdaq and Singapore stock exchanges. This move aims to increase the company’s visibility and bolster its financial standing as it continues to expand its operations in the rapidly growing electric vehicle and lithium battery sectors.
In July, BYD announced that it would invest 3 billion reais (approximately $600 million) in constructing a new industrial complex in the northeastern region of Brazil.
Meanwhile, BYD, which is backed by Warren Buffet’s Berkshire Hathaway, is making significant investments in Brazil. In July, BYD announced that it would invest 3 billion reais (approximately $600 million) in constructing a new industrial complex in the northeastern region of Brazil. The complex is expected to start operations by mid-2024 and is part of BYD’s broader strategy to increase production capacity and tap into the growing demand for electric vehicles in Latin America. This new venture would further solidify BYD’s commitment to expanding its footprint in the global electric vehicle market and supporting Brazil’s transition to greener technologies.
($1 = 4.8539 reais)
Read more: Queen Margrethe II Announced Abdication After 52 Years on the Throne
