BYD to Inaugurate First Thai Factory on July 4th Amid New EU Tariffs

Jul 3, 2024, 08:16 AM

BYD, the Chinese electric vehicle (EV) manufacturer, is set to inaugurate its first factory in Thailand on July 4th at 11:30 AM. This event coincides with the production of its 8 millionth new energy vehicle (NEV). The opening of the Thai factory marks BYD's first production hub in Southeast Asia and is accompanied by significant price cuts for local buyers. This strategic move comes amid an economic slowdown in Thailand and an increase in car loan rejections, which have impacted local sales. Additionally, new EU tariffs on Chinese EVs are set to take effect, potentially redirecting more imports to China’s neighboring countries. The opening of the factory is seen as a pivotal moment for BYD as it continues to expand its global footprint and lead the energy transition.