Chinese electric-car maker BYD has held talks about a potential takeover of a lithium producer in Brazil, in the global rush to secure raw materials for the EV revolution.
BYD’s chair in the South American nation, Alexandre Baldy, said discussions had taken place with $2.9bn-valued Sigma Lithium over a possible supply agreement, joint venture or acquisition.
Sigma began shipping the silvery-white metal — a key element for EV batteries — from its hard rock mine and processing plant in the state of Minas Gerais last year.
BYD is backed by Warren Buffett’s Berkshire Hathaway and recently overtook Tesla as the world’s largest EV manufacturer.
It is building its first electric car factory outside Asia in Brazil as part of a R$3bn ($620mn) investment.
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