BYD Slows Plans For Vietnam EV Factory - Report

The manager of the industrial park where BYD was to build its EV factory in Vietnam claims that the Chinese manufacturer has slowed down its plans, Reuters has reported.

The report stated that in May of last year, the Vietnamese government announced that BYD had chosen to construct an EV production and assembly plant in the northern Vietnamese province of Phu Tho, where the company already operates a tablet manufacturing facility for Apple.

"Due to its strategy and the slowdown of the electric vehicle market, BYD slowed down (plans) to start construction," said Luong Thanh Tung, vice chairman of Gelex Group, the company that runs the industrial park where BYD would build the new factory.

Tung announced during a shareholders conference in Hanoi that Gelex had secured 100 hectares of commercial land at the Phu Ha industrial park for an electric vehicle factory following protracted negotiations with BYD.

BYD is constructing an EV factory in Thailand and intends to build EV facilities in Indonesia. Last year, it sold more than 3 million electric vehicles worldwide, including battery EVs and plug-in hybrids.