BYD Co (比亞迪) plans to produce electric vehicles (EVs) in Vietnam, and expects support from the country’s government to do so, the Southeast Asian nation said following a meeting on Friday last week between Vietnamese Deputy Prime Minister Tran Hong Ha and BYD chairman and founder Wang Chuan-fu (王傳福).
Wang expects Vietnam to create “favorable conditions” for BYD to complete investment procedures for it to quickly start making EVs to be sold locally and in other parts of Southeast Asia, a report on a government Web site said, adding that the company plans to form a local supply chain.
A BYD spokeswoman confirmed by e-mail the plans to make EVs in Vietnam. She did not provide any investment details.
Photo: REUTERS
BYD, China’s biggest EV brand, is building its first overseas production facility in Thailand. The Shenzhen-based company has been considering the Philippines and Indonesia for a new Southeast Asia plant, in addition to Vietnam.
The company sold 210,295 vehicles last month, about double the number from a year earlier, but only slightly higher than the previous month. While most sales come from China, BYD has been expanding overseas in Asia, as well as Europe and Latin America. Exports account for about 6 percent of its EV sales.
Separately, China’s Hozon New Energy Automobile Co (合眾新能源汽車) last week signed a deal to produce EVs in Thailand from next year.
In Thailand, automakers only sold about 9,600 EVs last year. Deliveries jumped to 14,700 in the first quarter of this year.
The numbers are modest overall, but India and Indonesia are also showing rapid growth, which clean energy research group BloombergNEF expects to continue this year and beyond.
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