Leading EV maker BYD is quickly expanding overseas after dominating its home market. BYD is now set to begin production at its new EV plant in Thailand in the third quarter as it looks to accelerate overseas sales.
BYD set to begin EV production in Thailand in Q3
After showcasing its full range of brands at the Bangkok Auto Show this week, BYD said it will kick off EV production in the country in Q3.
BYD was Thailand’s best-selling EV maker last year. The fully electric BYD Atto 3 SUV was the top-selling electric model, with over 19,200 units delivered. BYD’s general manager of its Asia-Pacific Sales Division said people were lining up to purchase the car after hitting its 10K sales goal in just 42 days.
After breaking ground on its first car plant in Thailand last March, construction is expected to wrap up in the next few months.
The company announced Friday its investment will create a significant number of jobs while bringing advanced EV manufacturing tech to the region. BYD showcased its entire lineup of brands overseas for the first time, including BYD, Yangwang, Fang Cheng Bao, and Denza.
New EVs, including the Song Max, Sealion (Sea Lion 07 in China), Song Plus (Seal U), Yangwang U9 supercar, and the Fang Cheng Boa 5, made their debut in Thailand.
Once up and running, BYD’s new plant in Thailand is expected to build 150,000 EVs a year. The automaker solidified its commitment to the region as Thailand works toward its goal of having 30% of vehicles manufactured in the country to be electric.
After beginning production at its Uzbekistan plant in January, BYD is building new facilities in Hungary and Brazil as it expands the brand overseas.
According to recent reports, BYD is pushing back plans for an additional factory in Vietnam amidst the expansion.
Electrek’s Take
Although Japanese automakers, like Toyota, have long dominated the Thai auto market, BYD is making its presence known.
Toyota’s sales are down over 24% in Thailand through February as EV makers like BYD continue stealing market share.
According to the Federation of Thai Industries, ICE car production fell 95% year over year in January, while EV production skyrocketed 9,214%. BYD looks to take advantage of the nation’s transition to EVs with a full lineup of domestically built models.
After launching a “liberation battle,” as BYD calls it, against ICE cars, the automaker says EVs have entered the “knockout round,” as it plans to cut costs even further.
BYD is pressuring legacy automakers after slashing EV prices and introducing a series of more affordable “Honor Edition” models. Its cheapest, the new Seagull EV, starting at just $9,700 ((69,800 yuan), is being watched closely by rivals.
Ford’s CEO Jim Farley called the low-cost EV “pretty damn good,” warning the competition of incoming Chinese electric cars. Farley said if automakers fail to keep up, “20% to 30% of your revenue is at risk.”
In response, Ford is shifting its plans to focus on smaller, more affordable EVs. Its first low-cost EVs will be a smaller pickup and SUV. The first model is expected to roll out in 2026 with prices around $25,000. It will rival Tesla’s entry-level $25,000 EV.
Source: CnEVPost, BYD Weibo
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