Warren Buffett-backed Chinese EV giant BYD Co (OTC:BYDDY) (OTC:BYDDF) plans to start operations in three factories simultaneously in the Bahis's Camaçari industrial complex, 50 km from Salvador in Brazil. 

With an investment of over 3 billion reais (~$620 million), the development will generate more than 5,000 jobs for years. 

"We want to hire local labor starting this year so that they can begin receiving all the necessary training and knowledge transfer," said Tyler Li, President of BYD Brazil.

The three factories are scheduled to start operations in the second half of 2024.

Also Read: Warren Buffett-Backed BYD Continues To Trump Elon Musk's Tesla In Deliveries

The development will boost domestic production in Brazil, providing more competitive local prices. The company will also prioritize hiring established regional companies for civil construction works.

Price Action: BYDDF shares were up by 3.42% to $33.10 at the close on Monday.