Save for later Print Download Share LinkedIn Twitter Following the government's call, Chinese car companies have gone overseas to invest and set up factories. This week, Yu De, assistant president of SAIC Group, China's largest car maker, announced that it is currently planning to set up a vehicle factory in Europe and is actively looking for a suitable site for the project. Europe is a key part of SAIC's overseas market, having now entered 28 countries there. In the first half of this year, SAIC sold 530,000 vehicles in overseas markets, up 40% year on year. Chinese automaker BYD has also announced that it will build factories in Brazil. BYD said it will work with the Brazilian Bahia state government to set up a large production base complex consisting of three factories in the city of Camassari, with a total investment of R$3 billion ($0.62 billion). BYD's Brazil production base complex is scheduled to be put into operation in the second half of 2024.