BYD announced this week that it plans to build a factory in Thailand that will manufacture electric cars for the southeast Asia market. BYD will work together with WHA Group, the largest industrial developer in Thailand, to build a half billion dollar factory on 96 hectares (237 acres) of land in the eastern province of Rayong, according to a report by Reuters. The company expects to build 150,000 electric passenger cars at the new Thai factory starting in 2024. The plans for the new factory were approved by the Thailand Board of Investment last month.
Thailand is the second largest economy in southeast Asia and is a regional auto production and export base for many automakers, including Toyota and Honda. The government has recently begun offering tax credits and subsidies to attract EV makers and stimulate demand.
BYD has more than 30 factories around the world, including the…
