The Brazilian unit of Ford Motors Co confirmed that it has reached an agreement with the government of Bahia state in Brazil whereby the auto manufacturer will receive ownership of a factory complex located in the Camacari industrial park that was shut down in 2021.
Ford revealed that it would be compensated with “an amount compatible with the market” as a result of the agreement. The company did not disclose the exact amount.
Chinese electric vehicle manufacturer BYD has exhibited an interest in the complex since mid-2022. The company has repeatedly attempted to engage with Ford and the government of Bahia to negotiate the acquisition of the complex.
BYD revealed its continued interest in the complex in a statement explaining that the company “continues with the planning to invest in the Camacari industrial park, maintaining the necessary negotiations with the Bahia government.”