China EV maker BYD to build $290 million battery component plant in Chile.
China’s BYD Co Ltd (002594.SZ), , the world’s largest electric vehicle (EV) maker, plans to build a $290 million lithium cathode factory in Chile’s northern Antofagasta region, said Chilean economic development agency CORFO.
The South American country’s government has named BYD Chile a qualified lithium producer, CORFO said, giving it access to preferential prices for lithium carbonate quotas.
BYD, which supplies electric buses for Chile’s public transportation system, did not immediately respond to requests for comment.
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The plant will produce 50,000 tonnes per year of lithium iron phosphate (LFP) for cathodes, using lithium carbonate as an input. It is scheduled to start operating in 2025 and generate 500 jobs, CORFO said in a statement late on Wednesday in Chile.
Jose Miguel Benavente, CORFO Executive Vice President said:
We hope to give a strong boost to promote the generation of products in the lithium value chain.
On Thursday, President Gabriel Boric pledged to nationalise the lithium industry in Chile, the world’s second-largest producer of the metal essential in EV batteries, to boost its economy and protect its environment.
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China EV maker BYD to build $290 million battery component plant in Chile, HONG KONG, April 21, 2023
