BYD's Thailand electric car factory is about to start production, contributing to the upgrade of Thailand's automotive industry
AshleyApr 01, 2024, 10:49 AM
BYD announced at the 45th Bangkok International Auto Show that its Electric Vehicle (EV) factory in Thailand, which began construction in March 2023, will be completed and put into production in the third quarter of this year. BYD's investment in Thailand will bring advanced manufacturing technology, industrial development, and employment opportunities to the country.
In September 2022, BYD signed a land purchase agreement with WHA Industrial Development PLC, a subsidiary of WHA Group in Thailand, to purchase about 600 Rai of land (equivalent to 96 hectares or 237 acres) in WHA Rayong 36 Industrial Park and to build an Electric Vehicle factory on it. This is BYD's first passenger car factory with wholly overseas investment among its more than 30 car factories worldwide.
WHA Rayong 36 Industrial Park is the 11th industrial park of the WHA Group in Thailand. It is strategically located in the Eastern Economic Corridor (EEC). The sale of land to BYD is the most significant land sale of the WHA over the past 20 years, highlighting WHA Group's strategic support for the EEC and for attracting S-curve industries, especially in the field of next-generation vehicles.
On March 10, 2023, BYD held the groundbreaking ceremony of the factory and the delivery ceremony of the 9,999th and 10,000th BYD Atto 3. BYD stated at the time that the factory is expected to start production in 2024 with an annual production capacity of about 150,000 units, 10,000 of which are expected to be sold in the country and the rest exported to other Asian countries.
BYD has not only established an electric car factory in Thailand but also built car factories in Hungary and Brazil. Its factory in Uzbekistan also began producing cars earlier this year.
At the recent investors' conference, BYD Chairman and President Wang Chuanfu revealed to investors that the company expects to deliver 3.6 million units this year, an increase of about 20% over last year's 3.02 million units. He also pointed out that BYD expects car exports to more than double by 2024, reaching 500,000 units.
In the first two months of 2024, BYD delivered 325,706 cars, an increase of 2.9% year-on-year. In February of this year, BYD reduced the prices of all its cars by 5% to 20% and also slowed down its plans to build an electric car factory in Vietnam.
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