RAYONG: China’s BYD opened an electric vehicle plant in Thailand yesterday – the auto maker’s first factory in South-East Asia, a fast-growing regional electric vehicle (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 US$1.44bil 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. — Reuters
