BYD plans to increase the number of its dealer stores in Brazil to 250 by the end of 2024.

BYD (HKG: 1211, OTCMKTS: BYDDY) has reached 100 dealer stores in Brazil, and the Chinese new energy vehicle (NEV) maker aims to increase the number by another 150 percent by the end of the year.

The 100th BYD dealer store in Brazil opened on May 23 local time in downtown Florianópolis, the company announced on Weibo on Saturday.

The store is the third BYD dealership store in Santa Catarina, built by DVA Group, and the Brazilian distributor plans to add six new BYD stores in Santa Catarina this year, bringing the number to nine.

Currently, BYD's sales network in Brazil covers 39 dealer groups, 100 existing stores and 135 designated outlets, the company said.

BYD plans to bring the number of its dealer stores in Brazil to 250 by the end of this year, according to its press release

This means that over the next eight months, BYD is going to build 150 new stores in Brazil, an average of 19 per month.

More sales network coverage comes at a time when BYD is working to expand its presence in Brazil.

On July 4, 2023, BYD announced that the company would set up a large manufacturing site complex consisting of three plants in Brazil.

The industrial complex includes a production plant that focuses on electric bus and truck chassis, a new energy passenger car production plant, and a processing plant specializing in lithium iron phosphate (LFP) battery materials.

The new energy passenger car production line will be able to produce pure electric models and plug-in hybrids, with a planned annual capacity of 150,000 units.

The industrial complex, with a total investment of 3 billion Brazilian reais ($580 million), is expected to create more than 5,000 local jobs, according to a previous BYD statement.

The industrial complex began construction in early March this year and is expected to start production between the end of this year and early next year, according to a previous report by Chinese media outlet Jiemian.

Initial production models include the BYD Dolphin, Song Plus, Yuan Plus and Dolphin Mini, according to the report. The Yuan Plus is called the Atto 3 in several international markets and the Dolphin Mini is the Seagull.

($1 = BRL 5.1713)

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