China’s BYD slows down plans for EV factory in Vietnam, industrial park says

📆 28/03/2024 16:18:00
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HANOI, March 28 — Chinese electric vehicles maker BYD has slowed down its plans to build an EV factory in Vietnam, a manager of the industrial park where the plant would be...

HANOI, March 28 — Chinese electric vehicles maker BYD has slowed down its plans to build an EV factory in Vietnam, a manager of the industrial park where the plant would be built told a shareholders meeting today.

“Due to its strategy and the slowdown of the electric vehicle market, BYD slowed down to start construction,” said Luong Thanh Tung, vice chairman of Gelex Group, the company that runs the industrial park where BYD would build the new factory.Speaking at a shareholders conference in Hanoi, Tung said that after lengthy negotiations with BYD, Gelex had reserved 100 hectares of commercial land at the Phu Ha industrial park for an electric vehicle factory.

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