BYD, one of China’s leading electric vehicle manufacturers, has expanded its operations into Southeast Asia with the opening of a new electric vehicle plant in Thailand. This move comes as Thailand emerges as a key market for EVs, with the government incentivizing investments in the sector.
With an investment of over $1.4 billion from Chinese EV makers, Thailand aims to convert 30% of its annual vehicle production into EVs by 2030. BYD’s new plant in Thailand, valued at $490 million, will have a production capacity of 150,000 vehicles per year, including plug-in hybrids.
Being the largest overseas market for BYD, Thailand serves as a production hub for export to the ASEAN region and beyond. Despite facing competition from other EV manufacturers like Great Wall Motor and Tesla, BYD has maintained its dominance in the Thai market.
However, recent consumer complaints about aggressive discounting by BYD dealers have raised concerns among buyers. Nevertheless, BYD remains committed to expanding its operations in Thailand and contributing to the country’s vision of becoming a leader in EV manufacturing in Southeast Asia.