- Warren Buffett-backed EV maker BYD Company (OTC:BYDDY) plans to build a $290 million lithium cathode factory in Chile, as per the Chilean economic development agency CORFO.
- The proposed facility will be located in Chile’s northern Antofagasta region, reported Reuters.
- The Chilean government has named BYD as a qualified lithium producer. The government qualification enables BYD to have access to lithium carbonate quotas at preferential prices.
- The facility will use lithium carbonate as the input to produce 50,000 tonnes per year of lithium iron phosphate (LFP) for the cathodes.
- “We hope to give a strong boost to promote the generation of products in the lithium value chain,” the report quoted CORFO Executive Vice President Jose Miguel Benavente.
- The factory is expected to begin operations in 2025 and create 500 jobs.
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