BYD (HKG:1211, SHE:002594) purchased mineral rights for two lithium-rich land plots in Brazil in 2023 through its subsidiary, Exploracao Mineral do Brasil, Reuters reported Feb. 14, citing public records.
The land plots are half a day's drive from the Chinese electric carmaker's new Brazilian company, the report said.
The subsidiary was established with a capital of 4 million Brazilian reals and generated a profit of about 213,000 reais from exchange rate variations in the same year, the report said.
Report from a shareholders' meeting said that the company currently do not have "financial movement nor operating revenues" as it is still in "research phase", the report said.
BYD declined Reuters' request to comment on the matter, the report said.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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