BYD Opens Milestone EV Plant in Thailand, Dominates Southeast Asia Market

China's BYD has launched its first electric vehicle plant in Southeast Asia, specifically in Thailand, marking a significant milestone in the fast-growing regional EV market. With an investment of $490 million and a production target of 150,000 vehicles annually, BYD aims to leverage Thailand as a hub for global exports.

China's BYD opened an electric vehicle plant in Thailand on Thursday, the auto maker'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.

BYD's plant is part of a wave of investment

worth over $1.44 billion from Chinese EV makers who are setting up factories in Thailand, helped by government subsidies and tax incentives. By 2030, Thailand aims to convert 30% 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 Motors, Honda Motors 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. "We will also assemble batteries and other important parts here," said Liu Xueliang, BYD's Asia Pacific general manager.

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