Alexandre Baldy, BYD’s Brazilian chair, disclosed to the newspaper that he met with Sigma’s Chief Executive Ana Cabral Gardner in Sao Paulo last month. However, he refrained from providing specifics due to a confidentiality agreement.
Chinese electric vehicle manufacturer BYD has been in discussions with Brazil’s Sigma Lithium regarding a potential supply contract, forming a joint venture, or possibly acquiring the company. These talks were further confirmed when Alexandre Baldy, BYD’s chair in Brazil, revealed to the newspaper that he had a meeting with Sigma’s Chief Executive Ana Cabral Gardner in Sao Paulo last month. However, Baldy refrained from divulging any specific details about the discussions, citing the terms of a confidentiality agreement.
As of now, there has been no immediate response from either BYD or Sigma to requests for comments made by Reuters.
Sigma Lithium, earlier in January, announced the initiation of a primary listing for Sigma Brazil on both the Nasdaq and the Singapore stock exchange. Meanwhile, BYD, which receives backing from Warren Buffet’s Berkshire Hathaway, declared in July its plan to invest 3 billion reais (approximately USD 600 million) in establishing a new industrial complex in northeastern Brazil. This new facility is anticipated to commence operations around the middle of 2024. The current exchange rate stands at 1 USD, equaling 4.8539 reais.