China's BYD opens EV factory in Thailand, first in Southeast Asia

China's BYD opens its first electric vehicle factory in Southeast Asia, a fast-growing regional EV market, in Rayong, Thailand, July 4, 2024.opened an electric vehicle plant in Thailand on Thursday, the automaker's first factory in Southeast Asia, a fast-growing regional EV market where it has become the

Hong Kong-listed shares of BYD , the world's largest EV maker, climbed 1.6% to HK$235, after hitting their highest levels in a week. By 2030, the country aims to convert 30% of its annual production of 2.5 million vehicles into EVs, according to a government plan. Set to launch operations in three years, the BYD facility will produce EVs and plug-in hybrids for the European market, where the European Commission isThe right-hand-drive EVs manufactured at the plant will potentially allow BYD to circumvent EU tariffs, which are applicable to China-made vehicles.

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China's BYD inaugurates first plant in Thailand as it expands reach into Southeast AsiaChinese automaker BYD has inaugurated its first electric vehicle plant in Thailand, part of the company's effort to expand into Southeast Asia while also tackling wealthier markets in the U.S. and Europe.
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