Chinese investment in Brazil surged in 2024, more than doubling to a record 4.2 billion U.S. dollars across 39 projects including delivery applications and electric vehicles, showing a stunning 113 percent jump, according to a study issued by the Brazil-China Business Council (CEBC).
Chinese ride-hailing giant DiDi, known in Brazil as "99", has already become a key player in the ride-hailing market in Brazil.
At a September meeting with President Luiz Inacio Lula da Silva, DiDi's global CEO Cheng Wei pledged to relaunch a roughly 380 million U.S. dollars of investment in the food-delivery sector in Brazil, where home-grown start-up iFood currently commands more than 80 percent of the market.
DiDi wants to use its upper hand and experience to develop a base for growth across Latin America.
"The strategy for DiDi for the next years is to become the super app in Latam. To become a super app we need to have essential services. We already have mobility, we already have fintech. Food delivery is an essential step for us to become a super app in Brazil and then super app in the Latam market as a whole," said Wang Simeng, general manager of DiDi Brazil.
According to CEBC, in 2024, Brazil has become the third-biggest destination for Chinese investments in the world, only behind the UK and Hungary.
The electric vehicle industry is also one of the most visible of China's recent investments.
Chinese automakers BYD and GWM have just opened plants in Brazil, betting not only on the country's market but also on expansion throughout Latin America.
"We established our operation in Brazil as the main country for Latin America. Brazil has a strong automotive industry. Brazil has local base suppliers, production, also competitors. So, it's a very important strategic market in terms of production," said Ricardo Bastos, director of GWM Brazil.
The investments from large-scale companies also created an environment attracting smaller Chinese businesses.
"Medium-sized Chinese companies are approaching us more and more. This didn't happen just a couple of years ago. Some are linked to bigger groups already here, others looking at Brazil directly as a new opportunity," said Jorge Lima, development secretary of the State of Sao Paulo.
Chinese investments in Brazil double to over 4 bln USD
The "soft landing" of the China-EU electric vehicle case will greatly boost market confidence and inject new momentum into China-EU cooperation in automobile trade and investment, a spokeswoman of the Ministry of Commerce (MOC) said at a press briefing in Beijing on Thursday.
He Yongqian, the spokeswoman, made the remarks after China and the European Union (EU) agreed on the necessity of providing general guidance on price undertakings for Chinese companies exporting battery electric vehicle (BEV) passenger cars to the EU.
"China and the EU simultaneously announced on Monday that they had achieved positive outcomes following multiple rounds of consultations on the EV case, a development that has drawn wide attention at home and abroad. Industry players from both sides have 'highly welcomed and fully endorsed' the outcome, saying the 'soft landing' of the case is expected to greatly boost market confidence and inject new momentum into China-EU cooperation in automobile trade and investment. Some EU politicians have described it as a positive step toward building a sustainable China-EU trade relationship, and said it demonstrated that resolving trade differences through partnership remains feasible," she said.
"Against the current international backdrop, China and the EU, acting in a spirit of mutual respect and within the framework of WTO rules, have properly addressed the EV case, which is of significant positive importance. The outcome will not only contribute to the sound development of China-EU economic and trade ties and help safeguard the stability of the global automotive industrial and supply chains, but will also send a clear and strong signal that both sides are willing to uphold a rules-based international trading order, setting a good example for countries to resolve differences through dialogue and consultation and injecting greater certainty and positive energy into global economic growth," she said.
"China appreciates the spirit of dialogue showed by the EU side and stands ready to work with the EU, building on the current positive outcomes, to further implement the consensus reached by the leaders of the two sides, maintain dialogue and communication, and support stable industrial and supply chains on both sides, continue to deepen cooperation on the basis of market principles, and make active contributions to the global green transition," she added.
"Soft landing" of China-EU EV case to significantly boost market confidence: MOC spokeswoman
"Soft landing" of China-EU EV case to significantly boost market confidence: MOC spokeswoman
