China’s BYD Company plans to set up two new factories in Latin America in 2017 to expand the market penetration of its world class electric buses.
The new manufacturing facilities will produce vehicles for the local markets and add to existing plants in the US, Hungary and Brazil.
BYD’s electric bus and other new energy vehicles have a footprint in 240 cities across 50 countries.
In January 2017, the company was selected as the recommended company by the evaluation committee in Argentina for the purchase of 50 electric buses on behalf of the Ministry of Environment.
In keeping with its other Latin American expansion plans, the Mayor of the Uruguayan city of Montevideo, Eng. Daniel Martinez has become the first mayor in Latin America to have an electric vehicle as an official car. The BYD e6 was delivered to Mr Martinez with a license plate number reserved for the city’s top official – “SIM 1”.
It is a first for the city to have an electric vehicle for a senior government official, and is in line with the country’s move towards cleaner transportation and power.
Uruguay has made sizeable investments in green energy in recent years leaping 16 places to be ranked 10 in the World Economic Forum.
BYD and Berkshire Hathaway
In 2008, Berkshire Hathaway bet on BYD’s potential, purchasing 225 million shares. It’s an investment that has paid off handsomely. Berkshire’s original investment of $230 million is now worth roughly $1.77 billion.
For More on BYD, read the Special Report: BYD, Berkshire’s Tesla.
© 2017 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.