BYD Co. Ltd of China has agreed to build an urban monorail system in the northeastern Brazilian city of Salvador for 2.5 billion reais (US$689 million), Bloomberg reports.
The news agency says the deal is the biggest contract to build a monorail system BYD has won outside China.
The report quotes BYD Senior Vice-president Stella Li as saying: “We have been investing outside China for a few years and are about to enter the harvesting stage, with the overseas business starting to make profit and even leading the company’s growth.”
Construction of the Salvador system will begin in the fourth quarter of this year and end in 2020, so the system can begin operating the following year, Bloomberg says.
