HANOI, Jan 13 (Reuters) – Chinese electric vehicle (EV) maker BYD Auto Co plans to build a plant in Vietnam to produce car parts, three people with knowledge of the plan told Reuters, in a move that would reduce the company’s reliance on China and deepen its supply chain in Southeast Asia as part of a global expansion.
The investment in northern Vietnam would exceed $250 million, one of the people said, expanding parent BYD Co’s (002594.SZ) presence in Vietnam, where its electronic unit produces solar panels.
The move underscores a wider trend by manufacturers to reduce their exposure to China amid trade tensions with the United States and production disruptions caused by Beijing’s previous COVID-19 lockdowns.
BYD declined to comment.
The Xian-based carmaker, which outsold rival Tesla Inc (TSLA.O) in EVs by more than two to one in China last year, has been expanding elsewhere in Asia,…
