BYD Inks Land Deal to Build First EV Plant in Thailand

Chinese electric vehicle maker BYD, which surpassed Tesla to become the highest selling EV maker of the world, has just announced to set up a facility in Thailand to start producing passenger electric cars. The company also recently kicked off its sales operations in Thai market, beginning with CBU imported units.

Related: BYD Begins Sales Operations in Thailand

In a joint statement with Thai industrial developer WHA Group, BYD informed that a purchase agreement had been signed for 237 acres of land in the eastern province of Rayong for the development of EV manufacturing plant. The 17.9 billion baht ($491.49 million) project to produce EVs was approved by Thailand’s Board of Investment last month.

BYD is targeting to produce 150,000 passenger electric cars per year in Thailand from year 2024. It aims to sell 10,000 units in Thailand and will export to other Southeast Asian and European countries as well. BYD General Manager Asia-Pacific Sales Liu Xueliang told reporters, that the factory in Thailand, which is its latest among more than 30 other in the United States, Brazil, and India, will produce the fully electric Atto 3 SUV. He added that the company was also considering producing batteries and parts (in the new factory) depending on demand.

Related: After Beating Tesla, BYD to Tap 15 More International Markets

The Thai government wants electric vehicle production to reach about 700,000 by 2030, or 30% of total auto manufacturing. Southeast Asia’s second-largest economy is a regional auto production and export base for the world’s leading carmakers, and has recently offered incentives including tax breaks and subsidies to attract EV makers and stimulate demand.

Source: Reuters

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