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China's BYD Opens First EV Factory in Thailand on July 4 Amid EU Tariffs

Jul 4, 2024, 04:00 AM

China's electric vehicle giant BYD has opened its first factory in Southeast Asia, located in Thailand, on July 4. This move marks a significant step in BYD's international expansion strategy, despite a market slowdown and the imposition of new EU tariffs on Chinese EVs. The Thai factory, which represents a $1.44 billion investment, will initially have a production capacity of 50,000 units per year, with plans to expand to 150,000 units. The facility will produce both battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) and will serve as a hub for exports to other ASEAN countries. BYD's entry into the Thai market comes as the company holds a 42% market share in Thailand's new energy vehicle (NEV) market. The opening of the factory also coincides with the production of BYD's 8 millionth NEV, a Dolphin model, from this plant.