SAO PAULO: Ford's Brazilian unit on Friday said it reached a transfer agreement with the government of Bahia state to give it ownership of a factory complex closed since 2021.

The automaker said the agreement will provide it with "compensation in amounts compatible with the market," but did not disclose an amount.

Chinese electric vehicle manufacturer BYD has shown interest in the complex, located in the Camacari industrial park. The automaker has since at least mid-2022 been trying to reach a deal with Ford and the Bahia government to acquire the asset.

BYD said in a statement that it "continues with the planning to invest in the Camacari industrial park, maintaining the necessary negotiations with the Bahia government."

It was not immediately clear whether the industrial unit mentioned by the company involves the Ford area.