BYD has announced an agreement to build three factories in north eastern Brazil.

The automaker plans to invest R$3bn (US$620.17m) in a Camacari complex, 50km from Salvador.

The complex will consist of three manufacturing units focused on different products.

One unit will focus on production of chassis for electric buses and trucks.

Another will produce hybrid and electric cars, with capacity for 150,000 units annually.

The third factory will process lithium and iron phosphate and use the existing port to serve the global market.

Operations are scheduled to commence in the second half of 2024 and BYD expects the factories to create 5,000 jobs.

The company also plans to prioritise local suppliers and hire established regional companies for construction.

“The social contribution will be significant. We want to hire local labour starting this year so that they can begin receiving all the necessary training and knowledge transfer,” said Tyler Li, president of BYD Brazil.