May 15, 2017 / 8:30 PM / a year ago

Unit of China's BYD to invest $100 mln in Argentina

BUENOS AIRES, May 15 (Reuters) - Automobile manufacturer CTS Auto, a subsidiary of China’s BYD Co Ltd,, plans to invest an initial $100 million to build electric buses in Argentina, a CTS spokesman said on Monday.

A resolution allowing the company to operate in Argentina also appeared in the official gazette on Monday, as President Mauricio Macri visits China to seek investment.

“Since this government started there have been a lot of changes in place,” CTS spokesman Isaac Attis said in a phone interview. “A different climate has been generated.”

Macri took office in December 2015, ending more than a decade of leftist, interventionist policies in Latin America’s No. 3 economy and declaring Argentina open for business.

BYD, backed by Warren Buffett’s Berkshire Hathaway Inc BRKa.N, specializes in electric and plug-in petrol-electric hybrid vehicles.

The government resolution said CTS Auto should start building an auto plant within 180 days and should be producing before Jan. 1, 2019. (Reporting by Eliana Raszewski; Writing by Caroline Stauffer)

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