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Reading: BYD plans to produce EVs in Vietnam in SE Asia push
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EV-a2z > News > BYD plans to produce EVs in Vietnam in SE Asia push
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BYD plans to produce EVs in Vietnam in SE Asia push

EV-a2zm
Last updated: 2023/07/11 at 9:02 PM
EV-a2zm Published May 9, 2023 3 Min Read
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BYD Atto 3 full-electric car showcased at the Paris Motor Show, France - October 17, 2022.
BYD Atto 3 full-electric car showcased at the Paris Motor Show, France - October 17, 2022.
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Chinese automaker BYD will reportedly develop an electric vehicle production base in Phu Tho, Vietnam, to supply both the local and Southeast Asian markets.

Contents
BYD to create a local EV supply chainAggressive EV push

Andy Vermaut shares:BYD Chairman Discuss Manuacturing, Sales Expansion With Vietnam’s Deputy Prime Minister: The chairman of the world’s largest electric vehicle company, China’s BYD, met with Vietnam’s Deputy Prime Minister Trần Hồng Hà in… Thank you. https://t.co/JOs3WmkYra pic.twitter.com/IB7JUmI7wz

— Andy Vermaut (@AndyVermaut) May 8, 2023

BYD Chairman Wang Chuanfu told Vietnamese Deputy Prime Minister Tran Hong Ha at the latest meeting in Hanoi that it plans to invest in EV production in the country, VnExpress reported citing the Vietnam Government Portal.

BYD to create a local EV supply chain

The report also noted that the Chinese tech giant would develop a local ecosystem for EV production. That said, BYD Chairman Wang asks for the government’s support to offer “favorable conditions” to accelerate the investment.

As mentioned, BYD aims to use the planned Vietnam production plant to build EVs for the Southeast Asian market.

a handful of Chinese brands are now selling EVs in Thailand: BYD, Neta, GWM’s Ora, and MG

still a small market, but it’s currently the largest market for EVs in Southeast Asia

once again, BYD has a chance to steal sales from slow-moving Japanese automakers pic.twitter.com/GOb6Kh0Xuz

— steven ᵐᶦˡˡʷᵃʳᵈ (@SirSteven) May 7, 2023

The Vietnamese Deputy Prime Minister apparently appreciated BYD’s move to pursue Vietnam for its new production plant, saying it should produce top-notch products that would compete in the global market.

According to Bloomberg, the news was also verified by a BYD spokeswoman via email. However, she did not disclose any details regarding the investment.

With this major investment, BYD will pose a direct threat to the local automaker VinFast, which started selling EVs in 2019.

Aggressive EV push

Apart from Vietnam, BYD has also been eyeing the Philippines and Indonesia for a new EV production plant. In fact, it is now developing the company’s first-ever foreign production plant in Thailand.

China's leading electric vehicle manufacturer BYD held a groundbreaking ceremony on Friday for its first car plant in Thailand, marking the latest move by Chinese automakers to expand their footprint in Southeast Asia. pic.twitter.com/aTE6txjovY

— 竹 Bamboo (@TTmon2011) March 14, 2023

See Also:

  • BYD is building a new factory as more EVs are entering Australia
  • BYD again leads Thailand’s EV sales in February, while Tesla is catching up
  • Southeast Asia lags in terms of electric vehicle adoptions
  • BYD plans to build another $1.2 billion EV battery plant in China, per filings
  • Tesla, BYD to invest in EV production plants in Indonesia

In hindsight, BYD reported global sales of 210,295 EVs in April, almost doubling its 2022 record. Notably, the majority of this figure is attributable to the automaker’s Chinese production. Nonetheless, it is now accelerating its expansion efforts in Asia, Europe, and Latin America, per Bloomberg.

The report further noted that BYD shares increased over 2% on May 8 in HK following the news. So far this year, its shares reportedly surged 25%.

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TAGGED: BYD, Electric Vehicle, EV, Vietnam
EV-a2zm July 11, 2023 July 11, 2023
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