Chinese electric vehicle manufacturer BYD (HKG: 1211, OTCMKTS: BYDDY) commemorated a dual milestone today with the inauguration of its Thailand plant and the rollout of its 8 millionth new energy vehicle (NEV), underscoring its growing influence in the global automotive market.
BYD, which entered the Thai market in 2022, now commands a substantial 41 percent share of the local NEV market, according to Wang Chuanfu, Chairman and President of BYD. He made the announcement during a ceremony celebrating the achievements.
“Since January 2023, BYD has consistently led NEV sales in Thailand for 18 consecutive months, achieving strong recognition in the country,” Wang stated.
Wang highlighted Thailand’s burgeoning NEV sector, predicting a significant surge in market share once NEVs reach 10 percent penetration. Currently, NEVs already comprise over 20 percent of the market, primarily driven by Chinese brands.
In September 2022, BYD secured a land purchase agreement with WHA Industrial Development PLC, a subsidiary of WHA Group, to establish its first wholly-owned overseas passenger car plant. The facility, inaugurated on March 10, 2023, boasts an annual production capacity of 150,000 vehicles.
The Thailand plant currently manufactures models such as the all-electric Dolphin and Seal, alongside the Atto 3 (Yuan Plus in China) and plans to introduce plug-in hybrid electric vehicle (PHEV) models like the Sea Lion 6 (Song Plus DM-i in China).
BYD’s 8 millionth vehicle, a Dolphin model, was presented to Dispanadda Diskul, CEO of Mae Fah Luang Foundation, during today’s event. The Dolphin is available in Thailand with prices starting from 699,999 baht ($19,120).
Liu Xueliang, General Manager of BYD’s Asia Pacific auto sales division, disclosed that BYD presently operates 115 sales outlets across Thailand, solidifying its market footprint in the region.
Founded in 2003, BYD has been a pioneering force in the NEV sector since selling its first vehicle in 2008. The company currently offers a diverse lineup of NEV models in China and continues to expand its global presence.
Recent production milestones include BYD’s achievement of producing its one millionth NEV in May 2021, followed by milestones of 5 million in August 2023 and 6 million in November 2023, affirming its leadership in the rapidly evolving electric vehicle market.
