Chinese Electric Car Companies Coming To Brazil
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.
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