Chinese electric car giant BYD plans to build a factory in Thailand

Chinese electric car giant BYD plans to build a factory in Thailand

Chinese electric car and battery giant BYD is planning to open its first wholly invested passenger car factory outside China — in Thailand.

BYD signed a contract Thursday to buy land and build a factory for new energy passenger cars in an industrial park run by local giant WHA Group, according to press releases. The companies did not disclose an investment amount. New energy includes pure battery and hybrid power.

The news comes as BYD is expanding quickly into other countries. Notably, the company plans to enter the passenger car market in Japan — home to auto giant Toyota — by selling three electric car models to local customers next year.

BYD said it announced in early August its official entry into Thailand’s passenger car market.

The company said the new factory is set to begin operations in 2024, building cars for the local market and for export to countries such as those in Southeast Asia.

Source: https://www.msn.com/en-us/money/companies/chinese-electric-car-giant-byd-plans-to-build-a-factory-in-thailand/ar-AA11D4cZ