Chinese automaker BYD Auto said it would set up a factory in Thailand to produce 150,000 passenger cars a year starting in 2024. The company will invest 17.9 billion baht ($490.5 million) to buy 96 hectares of land in Thailand’s Rayong Eastern Economic Corridor province from Thai industrial developer WHA Group and set up the facility. Liu Xueliang, general manager of BYD’s Asia-Pacific auto sales division, said the company chose the Thailand location “after a thorough search and selection process” because of its geographic location and “reputation as a leading industrial cluster…
Chinese automaker BYD Auto said it would set up a factory in Thailand to produce 150,000 passenger cars a year starting in 2024.
The company will invest 17.9 billion baht ($490.5 million) to buy 96 hectares of land in the Eastern Economic Corridor of Thailand’s Rayong province from Thai industrial developer WHA Group and build the facility.
Liu Xueliang, general manager of BYD’s Asia-Pacific auto sales division, said the company chose the Thailand site “after a thorough search and selection” because of its location and “reputation as Thailand’s leading industrial park cluster”. area. “
Right-hand drive
BYD plans to start selling electric vehicles built at the plant in Thailand and wider Southeast Asia and Europe from 2024. It specifies that the vehicle will be right hand drive.
One of BYD’s more than 30 plants in the U.S., Brazil and India, in Thailand, will produce the all-electric Atto 3 model, Xueliang said, adding that the company was also considering producing batteries and components locally based on demand.
Thai government seeks to attract EV makers
The Thai government has recently focused on electric vehicle production and offered incentives including tax breaks and subsidies to attract EV manufacturers and stimulate demand, recognizing the opportunity for transformation in the automotive industry.
According to the WHA Group, Thailand’s Ministry of Finance has now approved 26 EV projects from 17 companies, with a total production capacity expected to reach 830,000 EVs in the medium term.
BYD Auto is a company headquartered in Xi’an, Shaanxi Province, China, and listed on the Shenzhen and Hong Kong stock exchanges. The company’s best-known international shareholder is Warren Buffett’s investment firm Berkshire Hathaway, with a 19.9 percent stake.
