BYD Opens First ASEAN Plant In Thailand With Annual Capacity Of 150,000

BYD has expanded its international footprint by opening its first Southeast Asian (ASEAN) production plant in Thailand today. Located in the famed Rayong industrial district, the facility boasts an annual production capacity of 150,000 vehicles.

BYD, which dominates the Chinese domestic market, is set to focus initially on full electric vehicles (EVs) at this new Thai plant, with plans to later include plug-in hybrids (PHEVs).

At the opening ceremony, Wang Chuanfu, CEO of the Shenzhen-based company, highlighted the significance of the investment. "The BYD Thailand plant, costing US$490 million, will encompass the four major processes of vehicle and parts production and is expected to create about 10,000 jobs," Wang stated.

This new facility is part of a broader wave of investment from Chinese EV-makes in Thailand, totaling over US$1.44 billion, spurred by government subsidies and tax incentives. The Kingdom seeks to transform 30% of its annual vehicle production - roughly 2.5 million units - into EVs by 2030, aligning with a national strategy to shift its auto sector towards EV production.

BYD’s aggressive expansion comes on the heels of a highly competitive market landscape. The company is optimistic about its growth, announcing plans last month to proceed with a second factory in the EU. BYD has also reported lower-than-expected revenue for the first quarter of 2024 as it faces fierce competition in China, with 129 EV brands vying for market share.

China continues to lead the global transition to electric vehicles, with the International Energy Agency predicting that nearly one in three cars on Chinese roads will be electric by 2030.

Source: FMT & English Alarabiya