Chinese EV maker BYD has held talks with Brazilian lithium producer Sigma Lithium, over a potential supply agreement, the Financial Times reported.

BYD met Sigma chief executive Ana Cabral Gardner in Sao Paulo last month with BYD’s Brazilian chair, Alexandre Baldy.

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Baldy told the FT the discussions concerned a possible supply agreement, joint venture or acquisition. Further details were not disclosed, with Sigma citing a confidentiality agreement.

BYD said it was planning on building three factories in north eastern Brazil with plans to invest R$3bn (US$620.17m) in a Camacari complex.

Operations were expected to begin in H2 2024.

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