BYD Invests $290 Million in Lithium Mining and Strengthens Position in Electric Vehicles Market

Written by Roberta Souza

Published on 08/07/2023 at 11:37

Foto: reprodução. Fonte: Autoentusiastas

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Beyond The Billion-Dollar Investment Made In Bahia, Chinese Giant Now Seeks To Invest In The Oil Of The Future, Lithium

BYD, the Chinese electric car giant, is expanding its operations to Chile as part of an ambitious lithium mining project. The South American country hosts the largest reserves in the world of this essential metal for electric vehicle battery production, becoming a strategic point for the company. BYD plans to invest US$ 290 million in a lithium cathode factory in northern Chile, aiming for direct access to the region’s valuable lithium reserves.

BYD is already the second largest battery manufacturer in the world, and the expansion to Chile strengthens its position in the electric vehicle market. The Chinese company has secured access to preferential pricing for lithium carbonate in the South American country, thanks to the special status granted by the Chilean government due to its plans to build the plant. The factory is expected to start producing lithium iron phosphate for cathodes by the end of 2025.

“Now, we are sending the engineering team to conduct the feasibility study and select the site,” said Stella Li, Executive Vice President of BYD. The demand for clean energy is driving the electric vehicle and rechargeable battery industry; however, these industries face challenges related to raw material shortages. To ensure future supply, many manufacturers are investing in mining and processing projects, as is the case with BYD.

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Contracts In Chile

In Chile, BYD is finalizing contracts for its project at a time when the government is adopting a new lithium extraction model, which grants the State a stake in new ventures. Additionally, the Chilean government is ramping up efforts to encourage investment in the downstream sector. BYD is willing to collaborate with Chilean authorities, including offering its technology to the government.

Thanks to the status of specialized lithium producer granted, BYD will have access to preferential prices for 11,244 metric tons per year of lithium carbonate for batteries until 2030, supplied by the Chilean company SQM, the second largest lithium producer in the world.
With the expansion of its operations to Chile and the construction of a new factory in Bahia, BYD consolidates its position as one of the leading companies in the electric vehicle sector. Furthermore, it contributes to the development of the clean energy industry in both Brazil and Chile, driving the transition to a more sustainable future.

BYD Invests $290 Million in Lithium Mining and Strengthens Position in Electric Vehicles Market

Beyond The Billion-Dollar Investment Made In Bahia, Chinese Giant Now Seeks To Invest In The Oil Of The Future, Lithium

Contracts In Chile

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