BYD Chile executive confirmed that the company has abandoned its local lithium project plans.

According to local media reports, Tamara Berrios, the head of BYD in Chile, stated that due to failure to reach an agreement with the local government, the company has decided to abandon the project plan to invest $290 million in building a lithium battery cathode material factory in the country. She mentioned that the response from the local government was very slow, and BYD couldn't even enter the stage of submitting permit application documents. The drop in lithium prices was also cited as one of the reasons for the company's decision to abandon the project. She added that the company will closely monitor the new government's lithium policies before making a new decision.