The move is based on the company's optimism about the local market combined with falling component costs, BYD's marketing and sustainability director in Brazil, Adalberto Maluf, told Reuters on Thursday.
BYD expects that the Brazilian solar panel factories will reach a 35% share in the domestic market this year, against 20% in 2019. The company has been competing in the local PV equipment market since 2017 with its Campinas' factory.
The executive did not mention numbers, but stated that the new production goal will be made possible mainly by expanding teams, without major investments in production, Reuters pointed out.
Back in December, the Brazilian Chamber of Foreign Trade (Camex) zeroed import taxes for solar cells while the House of Representatives' Finance and Taxation Committee approved a bill which introduces incentives for the purchase of renewable energy equipment at farms.