BYD, a Chinese electric car manufacturer, has been in talks for a potential joint venture or acquisition with Brazilian Sigma Lithium. According to sources, the deal would be valued at US$2.9 million, according to the "Financial Times" newspaper.

The president of BYD in Brazil, Alexandre Baldy, met with the executive president of Sigma, Ana Cabral Gardner, in São Paulo last month.

To the "Financial Times", Baldy spoke of an “active” dialogue with Sigma. “Different aspects are being discussed regarding supply, a joint venture or an acquisition, nothing is concrete," added the executive.

BYD's move in Brazil comes when demand for lithium to fuel electric cars is growing worldwide. In addition to Brazil, BYD, headquartered in Shenzhen, plans plants in Hungary and Mexico.

(Source: O Globo)