Latest news with #AlexandreBaldy
Business Insider
08-07-2025
- Automotive
- Business Insider
BYD Stock (BYDDY) Reverses Despite Brazil Factory Boost
Shares in Chinese car maker BYD (BYDDY) reversed today despite revealing that it had the checkered flag to start producing electric vehicles in Brazil. Don't Miss TipRanks' Half-Year Sale Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week. Brazilian Goals BYD said it was ready to begin manufacturing at its new factory in Bahia state as early as this month, cutting its reliance on imports at a time of huge tariff uncertainty in the BRICS nations. Although final regulatory approvals are still pending, Alexandre Baldy, senior vice president for BYD in Brazil, said the goal is to assemble 50,000 cars this year at the plant from imported kits. 'We should inaugurate in the coming days,' Baldy said. 'We've already completed this year's imports, taking advantage of the period before the import tax increase that took effect on July 1.' Baldy said it would begin full production in July 2026, after assembling vehicles from 'complete knock down' (CKD) kits for the next 12 months. Once fully operational, he said, the complex is likely to generate up to 20,000 direct and indirect jobs. BYD had sent a surge of finished cars into Brazil this year to take advantage of temporarily lower tariffs, shipping some 22,000 from China in the first five months, according to Reuters. Factory Struggles Brazilian car manufacturers were left spluttering, concerned about what it means for domestic sales and jobs. The factory itself has come under fire in recent months. Earlier this year the Public Labor Prosecutor's Office (MPT) in the state of Bahia said it was suing BYD and two of its contractors, accusing them of human trafficking and creating conditions 'analogous to slavery' at a factory construction site. The MPT said it had rescued 220 Chinese workers after receiving an anonymous complaint. It is now seeking $45.5 million in damages from the three firms. BYD has said that it respects human dignity in all of its operations. Despite the furor, BYD's goal of seeking to dominate overseas markets is likely to continue. It has a target to sell half of its vehicles outside the Chinese market by 2030 in response to an increasingly competitive EV market both at home and abroad. What are the Best EV Stocks to Buy Now?
Time of India
08-07-2025
- Automotive
- Time of India
China's BYD to start assembling electric cars in Brazil
China's BYD is poised to start assembling electric vehicles at a new factory in Brazil as early as this month, a top executive said, reducing imports as tariffs start to rise in its largest foreign market. Alexandre Baldy, senior vice president for BYD in Brazil, said the goal is to assemble 50,000 cars this year at the plant in Bahia state from imported kits, adding that he is negotiating a lower tax rate on those vehicles. "We should inaugurate in the coming days," Baldy said in an interview late on Friday, without specifying a date, as final regulatory approvals are still pending. "We've already completed this year's imports, taking advantage of the period before the import tax increase that took effect on July 1." BYD had sent a surge of finished cars into Brazil this year to take advantage of temporarily lower tariffs, shipping some 22,000 from China in the first five months, according to Reuters calculations. That stirred complaints in Brazil's auto industry that BYD was privileging Chinese manufacturing over production from Bahia, where a labor probe and heavy rains have disrupted plans. A state labor secretary said in May that the plant would only be "fully functional" at the end of 2026. However, Baldy said it would begin full production in July 2026, after assembling vehicles from "complete knock down" (CKD) kits for the next 12 months. Once fully operational, he said, the complex in Camacari is likely to generate up to 20,000 direct and indirect jobs. Expectations for the operation, on the site of a former Ford plant taken over in 2023, suffered in December when labor inspectors leveled accusations of labor abuses involving Chinese contractors hired to build the complex. Brazilian prosecutors filed a lawsuit in May holding BYD responsible for human trafficking and submitting workers to "slavery-like conditions," after talks on a settlement fell through. "BYD has always sought to respect Brazilian law and human dignity in all operations," Baldy said, adding that the company wanted to reach a resolution. He did not say why efforts to negotiate a settlement had fallen through.>
Yahoo
07-07-2025
- Automotive
- Yahoo
China's BYD to start assembling electric cars in Brazil
By Luciana Magalhaes SAO PAULO (Reuters) -China's BYD is poised to start assembling electric vehicles at a new factory in Brazil as early as this month, a top executive said, reducing imports as tariffs start to rise in its largest foreign market. Alexandre Baldy, senior vice president for BYD in Brazil, said the goal is to assemble 50,000 cars this year at the plant in Bahia state from imported kits, adding that he is negotiating a lower tax rate on those vehicles. "We should inaugurate in the coming days," Baldy said in an interview late on Friday, without specifying a date, as final regulatory approvals are still pending. "We've already completed this year's imports, taking advantage of the period before the import tax increase that took effect on July 1." BYD had sent a surge of finished cars into Brazil this year to take advantage of temporarily lower tariffs, shipping some 22,000 from China in the first five months, according to Reuters calculations. That stirred complaints in Brazil's auto industry that BYD was privileging Chinese manufacturing over production from Bahia, where a labor probe and heavy rains have disrupted plans. A state labor secretary said in May that the plant would only be "fully functional" at the end of 2026. However, Baldy said it would begin full production in July 2026, after assembling vehicles from "complete knock down" (CKD) kits for the next 12 months. Once fully operational, he said, the complex in Camacari is likely to generate up to 20,000 direct and indirect jobs. Expectations for the operation, on the site of a former Ford plant taken over in 2023, suffered in December when labor inspectors leveled accusations of labor abuses involving Chinese contractors hired to build the complex. Brazilian prosecutors filed a lawsuit in May holding BYD responsible for human trafficking and submitting workers to "slavery-like conditions," after talks on a settlement fell through. "BYD has always sought to respect Brazilian law and human dignity in all operations," Baldy said, adding that the company wanted to reach a resolution. He did not say why efforts to negotiate a settlement had fallen through.
Reuters
07-07-2025
- Automotive
- Reuters
China's BYD to start assembling electric cars in Brazil
SAO PAULO, July 7 (Reuters) - China's BYD ( opens new tab is poised to start assembling electric vehicles at a new factory in Brazil as early as this month, a top executive said, reducing imports as tariffs start to rise in its largest foreign market. Alexandre Baldy, senior vice president for BYD in Brazil, said the goal is to assemble 50,000 cars this year at the plant in Bahia state from imported kits, adding that he is negotiating a lower tax rate on those vehicles. "We should inaugurate in the coming days," Baldy said in an interview late on Friday, without specifying a date, as final regulatory approvals are still pending. "We've already completed this year's imports, taking advantage of the period before the import tax increase that took effect on July 1." BYD had sent a surge of finished cars into Brazil this year to take advantage of temporarily lower tariffs, shipping some 22,000 from China in the first five months, according to Reuters calculations. That stirred complaints in Brazil's auto industry that BYD was privileging Chinese manufacturing over production from Bahia, where a labor probe and heavy rains have disrupted plans. A state labor secretary said in May that the plant would only be "fully functional" at the end of 2026. However, Baldy said it would begin full production in July 2026, after assembling vehicles from "complete knock down" (CKD) kits for the next 12 months. Once fully operational, he said, the complex in Camacari is likely to generate up to 20,000 direct and indirect jobs. Expectations for the operation, on the site of a former Ford plant taken over in 2023, suffered in December when labor inspectors leveled accusations of labor abuses involving Chinese contractors hired to build the complex. Brazilian prosecutors filed a lawsuit in May holding BYD responsible for human trafficking and submitting workers to "slavery-like conditions," after talks on a settlement fell through. "BYD has always sought to respect Brazilian law and human dignity in all operations," Baldy said, adding that the company wanted to reach a resolution. He did not say why efforts to negotiate a settlement had fallen through.
Yahoo
07-07-2025
- Automotive
- Yahoo
China's BYD to start assembling electric cars in Brazil
By Luciana Magalhaes SAO PAULO (Reuters) -China's BYD is poised to start assembling electric vehicles at a new factory in Brazil as early as this month, a top executive said, reducing imports as tariffs start to rise in its largest foreign market. Alexandre Baldy, senior vice president for BYD in Brazil, said the goal is to assemble 50,000 cars this year at the plant in Bahia state from imported kits, adding that he is negotiating a lower tax rate on those vehicles. "We should inaugurate in the coming days," Baldy said in an interview late on Friday, without specifying a date, as final regulatory approvals are still pending. "We've already completed this year's imports, taking advantage of the period before the import tax increase that took effect on July 1." BYD had sent a surge of finished cars into Brazil this year to take advantage of temporarily lower tariffs, shipping some 22,000 from China in the first five months, according to Reuters calculations. That stirred complaints in Brazil's auto industry that BYD was privileging Chinese manufacturing over production from Bahia, where a labor probe and heavy rains have disrupted plans. A state labor secretary said in May that the plant would only be "fully functional" at the end of 2026. However, Baldy said it would begin full production in July 2026, after assembling vehicles from "complete knock down" (CKD) kits for the next 12 months. Once fully operational, he said, the complex in Camacari is likely to generate up to 20,000 direct and indirect jobs. Expectations for the operation, on the site of a former Ford plant taken over in 2023, suffered in December when labor inspectors leveled accusations of labor abuses involving Chinese contractors hired to build the complex. Brazilian prosecutors filed a lawsuit in May holding BYD responsible for human trafficking and submitting workers to "slavery-like conditions," after talks on a settlement fell through. "BYD has always sought to respect Brazilian law and human dignity in all operations," Baldy said, adding that the company wanted to reach a resolution. He did not say why efforts to negotiate a settlement had fallen through.
