Chinese EV giant BYD plans to build a passenger car factory in Thailand

Chinese electric car company BYD has expanded rapidly overseas, including announcements in recent months of plans to enter Thailand’s and Japan’s passenger car markets. Pictured here is a test drive of BYD’s electric Atto 3 SUV in Yokohama, Japan, in August 2022.

Bloomberg | Bloomberg | Getty Images

BEIJING — Chinese electric car and battery giant BYD is planning to open its first wholly invested passenger car factory outside China — in Thailand.

BYD signed a contract Thursday to buy land and build a factory for new energy passenger cars in an industrial park run by local giant WHA Group, according to press releases. The companies did not disclose an investment amount. New energy includes pure battery and hybrid power.

The news comes as BYD is expanding quickly into other countries. Notably, the company plans to enter the passenger car market in Japan — home to auto giant Toyota — by selling three electric car models to local customers next year.

BYD said it announced in early August its official entry into Thailand’s passenger car market.

The company said the new factory is set to begin operations in 2024, building cars for the local market and for export to countries such as those in Southeast Asia.

The cars will also be exported to Europe, WHA said.

When the factory opens, annual production capacity will be about 150,000 vehicles, both companies said. WHA noted that by 2030, electric vehicles are expected to account for 30% of Thailand’s total car production — or 700,000 such cars a year.

Over roughly the last year, BYD has made many announcements about electric passenger car sales to countries such as Brazil, Australia, Singapore and Norway. Some mark the brand’s entry to those markets, although it’s unclear whether BYD is selling a meaningful number of cars there yet.

BYD’s rapid growth

For years, much of BYD’s business, especially overseas, has focused on commercial vehicles such as buses.

But in the last few years the company has quickly become an electric vehicle giant in China, the world’s largest auto market.

BYD said it sold more than 487,000 purely battery-powered passenger cars for the first eight months of the year — more than triple the number sold during the same period last year.

Read more about electric vehicles from CNBC Pro


Source link

About rtsuggests

Check Also

Jim Cramer says these 3 apparel stocks benefit from return to office

CNBC’s Jim Cramer on Friday offered investors a list of clothing stocks that he believes …

Leave a Reply

Your email address will not be published. Required fields are marked *

About Us | ccpa california consumer privacy act