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BYD, Tsingshan Holding Exit Lithium Production Investments in Chile
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Chile government’s economic development agency, Corfo, announced that Chinese electric vehicle (EV) maker BYD COMPANY (01211.HK) and metals group Tsingshan Holding have withdrawn plans to build lithium cathode factories in the country, hijacked by declining lithium prices. Tsingshan Holding has scrapped a USD233 million project to produce 120,000 metric tons of lithium iron phosphate (LFP), Reuters reported. Chile’s National Resources Department also disclosed that BYD submitted a notice of intent to withdraw in January. Last year, BYD had postponed a USD290 million factory project in Chile, which was expected to produce 50,000 metric tons of LFP for cathodes annually. AAStocks Financial News |
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