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Argentina's Macri greenlights electric vehicle plant construction

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Argentina's Macri greenlights electric vehicle plant construction

Argentine President Mauricio Macri granted China-based manufacturer BYD permission to build an electric vehicle plant in the South American country.

A presidential decree published Monday in the official gazette mandates that BYD, through local subsidiary CTS, begin construction within six months.

BYD will invest US$100mn in the project's construction, state news service Télam reported, quoting a company spokesperson who said that BYD plans to fabricate 300 completely electric city buses in the plant's first year of operation.

"The timing of the new plant goes hand in hand with investment policies displayed in the country in terms of sustainability and renewable energy projects," BYD said Tuesday in a statement.

"In Argentina, BYD began its development plan in 2011 during a visit from CEO and founder Wang Chuanfu, who signed an MOU with the ministry of industry and transportation."

The spokesperson said that the buses' batteries will be charged at night, when nationwide electricity demand is lowest.

The approval coincides with an official visit by Macri to China to discuss bilateral cooperation and investment opportunities with the latter's president, Xi Jinping.

The plant's location has not yet been determined, the Télam report said.

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