China’s BYD inaugurates first plant in Thailand as it expands reach into Southeast Asia

AP Business Writer

BANGKOK (AP) — Chinese automaker BYD has inaugurated its first electric vehicle plant in Thailand, part of the company’s effort to expand into Southeast Asia while also tackling wealthier markets in the U.S. and Europe. The factory’s opening comes on the same day that the European Union is expected to begin imposing higher tariffs on EVs made in China due to concerns over competition from the cheaper-priced imports. The new factory in Rayong, south of Bangkok, was built in just 16 months and has an annual production capacity of 150,000 vehicles. It makes several BYD models and also batteries and transmissions. Thailand aims to have 30% of all vehicles made in the country be electric by 2030.