BYD, a leading manufacturer of electric vehicles and batteries in China, intends to establish its first fully invested passenger car manufacturing outside of China in Thailand.
According to press reports, BYD signed a contract on Thursday to purchase property and construct a factory for new energy passenger cars in an industrial park run by the enormous local WHA Group. The corporations kept the size of the investment a secret. Pure battery and hybrid power are two types of new energy.
The announcement coincides with BYD’s rapid international expansion. Notably, the business intends to sell three electric car models to local customers in Japan, where Toyota, the world’s largest automaker, is based, in order to break into the passenger car market there.
The official arrival of BYD into the Thai passenger car market, according to the company, was announced in early August.
According to the business, the new facility is scheduled to start producing automobiles in 2024 for both the domestic market and for export to nations in Southeast Asia.
The vehicles will also be exported to Europe, according to WHA.
Approximately 150,000 automobiles can be produced annually once the factory starts, according to both businesses. According to WHA, Thailand’s total automotive production is predicted to include 700,000 electric vehicles annually, or 30% of all vehicles produced by that country by 2030.
BYD has made numerous announcements on the sale of electric passenger vehicles to nations including Brazil, Australia, Singapore, and Norway over the course of the previous year or so. Some signify the brand’s entry into those markets, however it’s not obvious if BYD is yet making a significant amount of sales there.
BYD’s quick expansion
For many years, a large portion of BYD’s industry, particularly overseas, has been centered on commercial vehicles like buses.
But in recent years, China, the largest car market in the world, has seen the company fast grow into a global powerhouse in the electric vehicle industry.
More than quadruple the amount of battery-only passenger cars were sold during the same period last year, according to BYD, which reported sales of more than 487,000 for the first eight months of this year.
For a general comparison, the most recent data from electric vehicle manufacturer Tesla shows that in the first half of the year, the business delivered 564,743 automobiles. That has increased 46% since last year.
Unlike Tesla, which only offers a small number of high-end vehicles, BYD offers a large selection of models at various price points.
According to BYD, oil-fueled vehicles have not been produced since March as the company has shifted its attention to battery- and hybrid-powered vehicles. The business’s in-house “Blade” battery, which was originally used in its well-known Han luxury sedan, will be used in all of BYD’s pure electric vehicles starting in April 2021, the company announced.
