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Chinese electric car manufacturer BYD (002594.SZ) has reportedly engaged in discussions with Brazil’s Sigma Lithium (SGML.V) regarding a potential supply agreement, joint venture, or acquisition.
According to Alexandre Baldy, BYD’s Brazilian chair, the talks were held during a meeting between BYD representatives and Sigma CEO Ana Cabral Gardner in Sao Paulo last month. Details of the discussions remain confidential, but they suggest a potential collaboration between the two companies.
BYD’s Brazilian chair, Alexandre Baldy, revealed that the meeting with Sigma Lithium’s CEO involved discussions on potential collaboration, but a confidentiality agreement protects specific details.
The talks indicate BYD’s strategic interest in exploring partnerships or acquisitions to strengthen its position in the electric vehicle (EV) market.
With backing from Warren Buffet’s Berkshire Hathaway (BRKa.N), BYD announced in July its intention to invest 3 billion reais ($600 million) in a new industrial complex in northeastern Brazil.
The facility is expected to commence operations in mid-2024, marking a significant investment by BYD in the Brazilian market.
Sigma Lithium initiated a primary listing of Sigma Brazil on the Nasdaq and the Singapore stock exchange in January. This move aligns with the company’s efforts to enhance its visibility and potentially attract strategic partnerships or investments.
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