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China’s BYD and Rêver Bus and Truck to Build Electric Vehicle Factory in Thailand
In a move to expand its presence in the Asia-Pacific market, Chinese electric vehicle manufacturer BYD has partnered with Rêver Bus and Truck to build an electric vehicle factory in Thailand. The two companies recently signed a letter of intent, although details on the timetable for the factory and its production capacity have not yet been provided.
BYD’s Existing Electric Car Factory in Thailand
BYD began constructing an electric car factory in Thailand in March 2023. Located in Rayong province, the factory will focus on producing passenger cars with an annual capacity of 150,000 Electric cars. According to Liu Xueliang, General Manager of BYD’s Asia-Pacific Automotive Sales Division, establishing a passenger car production base in Thailand is one of the company’s key initiatives to accelerate its expansion into the region.
Thailand’s Push for E-Mobility
Thailand is already a significant production centre for the automotive industry in Southeast Asia, with approximately 2.5 million cars built there annually. The government is increasingly focused on promoting e-mobility and aims for Electric vehicles to account for 30 per cent of total production by 2030.
Attracting Companies with Subsidies
To encourage investment in the e-mobility sector, the Thai government has offered subsidies to numerous companies in the car and battery industries. BMW recently broke ground for a new production facility for high-voltage batteries at its Rayong plant, while companies from China such as MG, GAC Aion, Neta, and Great Wall have also decided to invest in Thailand.
Future Prospects for the Automotive Industry in Thailand
As Thailand continues to attract investment from leading automotive and battery companies, negotiations are underway with Kia and Tesla to build factories in the country. With a growing emphasis on e-mobility and support from the government, Thailand is poised to become a key player in the electric vehicle market in the region.
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