BYD Picks Brazil for Its First Electric-Vehicle Hub Outside Asia

(Bloomberg) — BYD Co. will invest 3 billion reais ($624 million) in Brazil to build its first electric-car plant outside Asia as the Chinese giant seeks to extend its geographical reach amid a global surge in sales.

The maker of fully electric and plug-in hybrid autos — which rivals Tesla Inc. as the world’s largest producer of EVs — plans to build a production complex in the northeastern state of Bahia, according to a statement issued Tuesday. The facility will include hybrid and electric car production, a unit focused on chassis for electric buses and trucks, and one to process lithium and iron phosphate for the international market. Operations are expected to start by 2024.