BYD has officially inaugurated its first vehicle manufacturing plant in Southeast Asia, choosing Thailand as its market, a rapidly growing electric vehicle market where BYD holds a significant market share.
“Thailand has a clear vision for electric vehicles and is entering a new era of automotive manufacturing. We will bring technology from China to Thailand,” said Wang Chuanfu, Chairman and CEO of BYD.
BYD’s new plant is part of a wave of investments totaling over $1.44 billion by Chinese electric vehicle manufacturers in Thailand. The country has long been a regional hub for automotive exports and assembly, dominated by Japanese automakers such as Toyota, Honda, and Isuzu.
According to the Thai government’s plan, the country aims to convert 30% of its annual vehicle production (approximately 2.5 million vehicles) to electric vehicles by 2030. “BYD wants to make Thailand a manufacturing hub for exports to ASEAN and other countries,” said Narit Therdsteerasukdi, Secretary-General of the Thailand Board of Investment.
The Thailand plant, valued at $490 million, has a capacity of 150,000 vehicles per year, including both plug-in hybrid and pure electric vehicles.
“We will also assemble batteries and other critical components here,” said Liu Xueliang, General Manager of BYD Asia-Pacific.
According to market research firm Counterpoint, Thailand is BYD’s largest overseas market. The company holds a 46% market share in electric vehicles in the country in the fourth quarter and ranks among the top three in passenger vehicles. Some of BYD’s competitors include Great Wall Motor, which also has a production base in Thailand, and Tesla.
BYD will officially enter the Vietnamese market this month with three models: Atto 3, Dolphin, and Seal. By the end of the year, the company may introduce three more models, bringing the total number of models to six.
BYD aims to sell approximately 5,000 vehicles from now until the end of the year. However, when asked about plans to open a plant in Vietnam, Liu Xueliang, General Manager of BYD Auto Asia-Pacific, said that they “have their own plans.”
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