TSLA - Warren Buffett-Backed BYD In Talks With Brazilian Lithium Producer Sigma Amid Global EV Surge | Benzinga
In the wake of a booming global electric vehicle (EV) market, Chinese EV titan BYD Co Ltd (OTC:BYDDY) (OTC:BYDDF) is rumored to be holding negotiations with Brazilian lithium producer Sigma Lithium Corp (NASDAQ:SGML), indicating a possible acquisition.
What Happened: BYD, the globe’s leading EV producer, has engaged in discussions regarding a possible takeover of Sigma Lithium, which has a market value of $2.9 billion. Alexandre Baldy, the head of BYD's operations in Brazil, acknowledged the ongoing talks, suggesting outcomes could range from a supply contract, a joint venture, or even a full acquisition, according to a report by Financial Times.
Sigma started exporting lithium, a crucial component for EV batteries, from its mining and processing facility in Minas Gerais, Brazil last year. At present, the lithium producer is undergoing a strategic review that could result in a sale or the public listing of its Brazilian subsidiary on the Nasdaq and the Singapore Stock Exchange.
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BYD, backed by Warren Buffett‘s Berkshire Hathaway ...