China’s BYD to Build $491 Million EV Plant in Thailand

Chinese electric vehicle (EV) manufacturer BYD announced on Thursday its plans to develop a EV production facility in Thailand to come online in 2024 and produce 150,000 passenger vehicles a year. The EV maker made the announcement with Thai industrial developer WHA Group that a purchase agreement was complete for 96 hectares of land in the country’s Rayong province.

The 17.9 billion baht ($491 million) project to produce EVs was approved by Thailand’s Board of Investment last month.

BYD, China’s biggest EV manufacturer, aims to sell 10,000 units in Thailand and export to Southeast Asian and European countries.

Its factory in Thailand will be its latest out of more than 30 other in the United States, Brazil, and India.

Thailand serves as a regional production and export hub for many automakers, including Japan’s Toyota and Honda. The Thai government has recently offered incentives including tax breaks and subsidies to attract EV makers.

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