the world of electric vehicles. Tesla generates all the headlines while BYD quietly goes about the business of becoming the largest manufacturer of battery-powered cars, trucks, and buses in the world.. Now it says it will invest $600 million to produce electric and hybrid cars, as well as electric buses and trucks, in Camacari, a town near Salvador, which is the capital of the Brazilian state of Bahia. It expects the new venture to supply jobs for 5,000 workers.
Industry observers say there are a host of benefits for Chinese car companies in Brazil, a country of 203 million people with a centrist foreign policy. “There is no geopolitical tension here with China, unlike Europe, the USA or Canada,” Mauricio Santoro, a political scientist and author of. “There is no vetoing of Chinese companies, the great example being Huawei, which operates in Brazil with total freedom.
Brazil is offering a package of incentives to BYD to invest in the country. It includes a 95% reduction in the country’s value added tax until the year 2032, no car ownership tax on electric vehicles up to 300,00 reals , and access to the nearby Aratu Port for the import of raw materials and exports of the products it makes locally.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: CBS21NEWS - 🏆 304. / 63 Read more »
Source: InsideEVs - 🏆 579. / 51 Read more »