BYD to build an EV plant in Argentina image

BYD Chinese car maker, which also makes batteries, phone handsets and energy storage equipment makes another important step today in conquering world’s electronic vehicle market.

The company announced today the signing of an agreement with the Argentinean government in order to produce electronic vehicles for domestic public transportation.

The Ministry of Economy and Production of Argentina stated that Argentina will be a platform for BYD’s exports in South America, Mexico and rest of the world. Besides this, the country’s lithium natural reserves may have played an important part in BYD’s decision.

Last week, BYD become the first Chinese auto maker with a local branch in North America as it set up its headquarters in New York. Here, the company signed an agreement regarding the manufacturing of e-buses and e-taxies in the United States.

In the first 9 months of the year, BYD have sold 326,379 vehicles (-15.5% compared with a year ago) reporting a profit diminished with 86%, reaching 352.7 million yuan ($55.5 million). During the third quarter, the net profit grew with 582% , for a total of 77.37 million yuan ($12.23m).