CHINA/ THAILAND, 05/07/2024 (Asia News Channels) - China’s BYD inaugurated an electric vehicle plant in Thailand on Thursday, marking the automaker’s first factory in Southeast Asia. The region's EV market is expanding rapidly, with BYD emerging as a dominant player.
“Thailand has a clear EV vision and is entering a new era of auto manufacturing,” stated BYD CEO and President Wang Chuanfu at the opening ceremony.
BYD’s facility is part of a significant investment wave totaling over US$1.44 billion from Chinese EV manufacturers setting up factories in Thailand, supported by government subsidies and tax incentives.
According to a government plan, Thailand aims to convert 30% of its annual production of 2.5 million vehicles into EVs by 2030.
Historically, Thailand has been a regional auto assembly and export hub, predominantly featuring Japanese carmakers such as Toyota, Honda, and Isuzu.
“BYD is using Thailand as a production hub for export to ASEAN and many other countries,” said Narit Therdsteerasukdi, Secretary General of Thailand’s Board of Investment, referring to the 10-nation Southeast Asian bloc.
The newly announced facility, worth US$490 million, will have a production capacity of 150,000 vehicles per year, including plug-in hybrids.
“We will also assemble batteries and other important parts here,” added Liu Xueliang, BYD’s Asia Pacific general manager.
-- ASIA NEWS CHANNELS