Unit of China’s BYD to invest US$100 million in Argentina
CTS Auto, a subsidiary of Chinese giant, will build electric buses in Latin America's third largest economy
Automobile manufacturer CTS Auto, a subsidiary of China’s BYD Co Ltd, plans to invest an initial US$100 million to build electric buses in Argentina, a CTS spokesman said on Monday.
A resolution allowing the company to operate in Argentina also appeared in the official gazette on Monday, as President Mauricio Macri visits China to seek investment.
“Since this government started there have been a lot of changes in place,” CTS spokesman Isaac Attis said in a phone interview. “A different climate has been generated.”
Macri took office in December 2015, ending more than a decade of leftist, interventionist policies in Latin America’s third-largest economy and declaring Argentina open for business.
BYD, backed by Warren Buffett’s Berkshire Hathaway, specializes in electric and plug-in petrol-electric hybrid vehicles.
The government resolution said CTS Auto should start building an vehicle plant within 180 days and should be producing before January 1, 2019.