Chinese electric vehicle giant BYD has granted its Thai dealer Rêver a license to construct a factory for electric buses and trucks in Thailand, as reported by local newspaper The Nation. The agreement, outlined in a recent letter of intent, marks a significant step in expanding BYD’s presence in Southeast Asia’s burgeoning electric vehicle market.
While specific details regarding the factory’s timetable and production capacity remain undisclosed, the move aligns with BYD’s broader strategy to bolster its manufacturing footprint in Thailand. In March 2023, BYD commenced construction on an electric car factory in Rayong province, with a planned annual capacity of 150,000 electric cars. This initiative underscores BYD’s commitment to strengthening its foothold in the Asia-Pacific region, as stated by Liu Xueliang, General Manager of BYD’s Asia-Pacific Automotive Sales Division, during last year’s groundbreaking ceremony.
Thailand’s position as a pivotal production hub for the automotive industry in Southeast Asia has attracted significant attention from global automakers seeking to capitalize on the country’s growing e-mobility sector. The Thai government’s ambitious goal to have electric vehicles account for 30 per cent of total production by 2030 has further spurred investment in the sector.
In response to the government’s incentives, several automotive and battery companies have announced plans to establish or expand their operations in Thailand. BMW, for instance, recently announced the construction of a new high-voltage battery production facility at its Rayong plant, aimed at producing electric models alongside traditional combustion engines and plug-in hybrids.
Moreover, Chinese automotive firms such as SAIC brand MG, GAC Aion, Neta, and Great Wall, along with battery manufacturers SVOLT, Gotion High-Tech, and Eve Energy, have also committed to investing in Thailand. Negotiations are reportedly underway with Kia and Tesla to establish production facilities in the country, highlighting Thailand’s appeal as a strategic investment destination in the electric vehicle sector.
