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.

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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