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China's BYD opens EV factory in Thailand, first in Southeast Asia
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The BYD logo is seen on a car from the Chinese brand at the 45th Bangkok International Motor Show in Bangkok on March 25, 2024. (Reuters/Chalinee Thirasupa)
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hina's BYD opened an electric vehicle plant in Thailand on Thursday, the automaker's first factory in Southeast Asia, a fast-growing regional EV market where it has become the dominant player.
"Thailand has a clear EV vision and is entering a new era of auto manufacturing," BYD CEO and president Wang Chuanfu said at the opening ceremony. "We will bring technology from China to Thailand."
The BYD plant is part of a wave of investment worth more than $1.44 billion from Chinese EV makers who are setting up factories in Thailand, helped by government subsidies and tax incentives.
Hong Kong-listed shares of the automaker rose 3.2 percent to, their biggest intraday jump since June 13.
By 2030, Thailand aims to convert 30 percent of its annual production of 2.5 million vehicles into EVs, according to a government plan.
Thailand is a regional auto assembly and export hub, and has long been dominated by Japanese car makers such as Toyota Motor, Honda Motor and Isuzu Motors.
"BYD is using Thailand as a production hub for export to ASEAN and many other countries," said Narit Therdsteerasukdi, secretary-general of Thailand's Board of Investment, referring to the 10-nation Southeast Asian bloc.
The facility, announced two years ago, is worth $490 million and will have a production capacity of 150,000 vehicles per year, including plug-in hybrids.
The sprawling factory in eastern Thailand's Rayong district will employ around 10,000 workers, some of whom were seen operating machinery on Thursday as under-construction bodies of BYD's Dolphin model moved through an assembly line.
"We will also assemble batteries and other important parts here," said Liu Xueliang, BYD's Asia Pacific general manager.
Thailand is the largest overseas market for BYD, which commanded a 46 percent share of country's EV segment in the first quarter and is the third-largest player in passenger cars, according to research firm Counterpoint.
Other EV rivals in the local market include Great Wall Motor, which also has a production facility in Thailand and Tesla.
BYD dealers in Thailand, however, are currently under scrutiny following a consumer complaint over aggressive discounting that has left some buyers upset with how much they paid for their cars.
