Brazilian man to set up $1 bn electric car plant

Eike Batista, Brazil's wealthiest man, said he is looking to invest $1 billion to manufacture battery-operated vehicles.

"We have space for new people and the electric car is something irreversible," Batista said Wednesday at the Rio Oil and Gas Expo and Conference, a gathering of energy industry experts.

The president of the Grupo EBX consortium, which deals with the logistics, mining, oil and natural gas and electricity, said the factory will be located in the town of Porto do Acu, Rio de Janeiro state, and have initial annual production capacity of 100,000 units when it starts operation within four years.

Batista said Japanese and European companies who have expertise in electric cars and batteries will partner in the project.

The plant's location at the Acu port complex will allow savings of $200 per vehicle due to ease in importing parts and the two steel mills proposed to be established in the area, Batista said.

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