BYD is to invest $1.3bn in an electric vehicle factory in Indonesia, after the Chinese carmaker unveiled three new battery models for sale with the aim of becoming Indonesia’s biggest EV brand.
The site would be the sixth auto plant outside China planned by the Warren Buffett-backed group, following Brazil, Hungary, Mexico, Thailand and Uzbekistan, as it expands its manufacturing footprint closer to overseas markets.
BYD, which overtook Tesla in EV sales last quarter, is also scoping Mexico for a factory location that could serve the US market, despite rising trade barriers.
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