China’s leading electric vehicle (EV) manufacturer, BYD (002594.SZ), has inaugurated its first Southeast Asian factory in Thailand. This is a significant move into one of the region’s fastest-growing EV markets.
BYD’s CEO and President, Wang Chuanfu, emphasized Thailand’s clear vision for EV adoption and its evolution in automotive manufacturing.
He highlighted BYD’s commitment to transferring advanced technology from China to Thailand, aiming to leverage the country’s supportive government policies, including subsidies and tax incentives for EV manufacturers.
The new BYD facility in Thailand is part of a broader wave of investments exceeding $1.44 billion by Chinese EV companies in the country.
This move indicates Thailand’s role as a pivotal hub for automotive assembly and exports in Southeast Asia, historically dominated by Japanese automakers like Toyota, Honda, and Isuzu.
Thailand aims to convert 30% of its annual vehicle production, amounting to 2.5 million vehicles, into electric vehicles by 2030.
The BYD plant, announced two years ago with an investment of $490 million, is poised to produce 150,000 vehicles annually, including plug-in hybrids, serving not only the ASEAN market but also other global destinations.
Simultaneously, BYD is expanding its global footprint with its first European production base in Hungary, scheduled to begin operations in three years.
This strategic expansion aims to cater to the European market while navigating tariff challenges imposed by the European Commission on Chinese-made EVs.
(REUTERS)