Global electric vehicle (EV) manufacturer BYD has just revealed plans to set up a facility in Thailand that will produce 150,000 passenger cars per year starting from 2024.
The announcement was delivered in a joint statement with Thai industrial developer WHA Group, also giving details of a purchase agreement for 96 hectares of land in the eastern province of Rayong for the plant.
The project, valued at over USD 490 million to produce EVs was approved by Thailand’s Board of Investment. The company aims to sell 10,000 EVs units in Thailand, while exporting the rest to Southeast Asian and European countries. The factory in Thailand will produce the fully electric Atto 3. BYD is also considering batteries and parts.
The Thai government set a target electric vehicle production to reach about 700,000 units by 2030, or 30% of total auto manufacturing.
Thailand is a regional auto production and export base for the world’s leading carmakers, including Toyota and Honda, and has designed incentives such as tax breaks and subsidies to attract EV makers and stimulate demand.
(Sources: Reuters: Nikkei Asia)