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Kess Energy, a pioneering Brasilia, Brazil-based junior lithium miner, says it welcomes BYD, the Chinese automaker renowned for its electric vehicles (EVs), making significant strides in Latin America with the establishment of new manufacturing plants in Brazil and Mexico.
This strategic expansion showcases BYD's commitment to harnessing Latin America's rich lithium resources and addressing the growing local market demand for EVs.
In March, BYD which is an acronym for “Build Your Dreams”, began construction of its EV factory in Brazil, with an investment of BRL 3 billion (€552.7 million). Located in Camaçari, Bahia, the facility is scheduled to start operations in late 2024 or early 2025 and is designed to manufacture 150,000 EVs annually.
Brazil's potential to lead the production of lithium battery cell materials is significant. Kess Energy believes that Brazil’s production could support the production of 1.6 million EVs in 2024 and 3 million units in subsequent years. This potential underscores Brazil's strategic importance in the global lithium supply chain.
Kess Energy Chairman, Inato Ramirez hailed the development as good for lithium production and even better for Latin America. “This investment and commitment by BYD is highly encouraging and will make a huge difference to the lives of tens of thousands of people when it brings good jobs and prospects for talented Brazilians and Mexicans alike.”
BYD is in advanced negotiations to establish a new facility in Mexico, a venture that is expected to create 10,000 jobs and become one of the largest automobile factories in the country. Jorge Vallejo, BYD's General Manager in Mexico, indicated that an official announcement regarding the plant's location would be made soon.
The new Mexican facility is projected to produce 150,000 vehicles annually in its first phase, eventually ramping up to 500,000 units per year at full capacity. BYD aims to sell approximately 50,000 units in Mexico in 2024. The decision to expand in Mexico is driven by the country's growing demand for pickup trucks, as highlighted by the launch of BYD's first hybrid-electric pickup truck, the Shark, earlier this year.
Mexico, with the world's 10th-largest lithium reserves totaling 1.7 million tons, presents a strategic advantage for BYD's EV production.
