RAYONG, Thailand, March 10 (Xinhua) — China’s main electrical car producer BYD held a groundbreaking ceremony on Friday for its first automobile plant in Thailand, marking the most recent transfer by Chinese automakers to develop their footprint in Southeast Asia.
The new manufacturing unit, situated within the Eastern Economic Corridor Special Zone in coastal Rayong province, is anticipated to function a hub for the manufacturing and distribution of electrical automobiles (EVs) in Thailand, neighboring ASEAN nations and different areas.
As a significant participant within the world EV market, BYD’s cumulative gross sales of latest power automobiles exceeded 1.86 million models in 2022, representing a year-on-year improve of 208.6 %, in response to the corporate.
Joining SAIC Motor’s MG and Great Wall Motor, BYD turns into one other Chinese automobile model to determine manufacturing operations in Thailand, a market that has lengthy been dominated by Japanese manufacturers.
Last 12 months, BYD introduced its hottest mannequin, the ATTO3, to Thailand. Liu Xueliang, basic supervisor of BYD Asia-Pacific Auto Sales Division, described the gross sales scene as “booming” with folks lining up in a single day to buy the automobile. The gross sales goal of 10,000 models was achieved in simply 42 days.
On the day of the groundbreaking ceremony, BYD additionally held a supply ceremony for the 9,999th and 10,000th ATTO 3 automobiles.
The plant is scheduled to start out manufacturing in 2024 with an annual capability of 150,000 new power automobiles.
BYD’s funding in Thailand can be consistent with the Thai authorities’s objective of getting 30 % of automobiles manufactured within the nation be EVs by 2030.
“BYD’s decision to make Thailand its production base in the Asia-Pacific region aligns with Thailand’s bio-, circular and green (BCG) economic model and the direction of China’s green and sustainable development,” mentioned Wang Liping, minister-counsellor for financial and industrial affairs of the Chinese Embassy in Thailand.
“This move will not only create more job opportunities and drive economic development in Thailand but also promote the deep integration of the new energy vehicle industries in China and Thailand,” he added.
Thai officers, together with Thailand Board of Investment Secretary General Narit Therdsteerasukdi and Rayong Province Deputy Governor Suphot Torartharn, warmly welcomed BYD’s entry into Thailand. They consider that BYD’s presence within the Thai market will invigorate the nation’s EV business.
According to information from the Thailand Automotive Institute and the Department of Land Transport, gross sales of pure electrical automobiles in Thailand reached 13,454 models final 12 months, a pointy improve over the previous few years, representing a year-on-year improve of 588.5 %.
Many EV manufacturers have joined the federal government’s subsidy measures, together with Chinese, Western and Japanese corporations, mentioned Kevalin Wangpichayasuk, assistant managing director of Kasikorn Research Center, including that this isn’t solely good news for automobile patrons who may have extra selections, but in addition for the Thai automotive business in the course of the transition interval to meet up with future tendencies.