Warren Buffett-backed BYD signs deal to build its first electric car plant in Thailand
- The Chinese EV maker’s factory will be built in WHA Corp’s industrial estate in Rayong and production of cars will start in 2024
- BYD plans to invest about US$823 million to produce electric vehicles, according to Thailand’s Eastern Economic Corridor Office
The plant is expected to start operation in 2024 and have an annual capacity of 150,000 vehicles, mostly for export to Southeast Asia and Europe, the companies said in a joint statement.
The site covers 96 hectares (237 acres) at WHA’s Rayong 36 Industrial Estate. WHA said the deal is its “most significant” in 20 years, with chief executive Jareeporn Jarukornsakul adding that the developer plans to launch phase two of the Rayong Estate in anticipation BYD’s presence will spur other EV investments.
“More EV supply chain will follow BYD here,” she said.
BYD plans to invest about 30 billion baht (US$823.3 million) to produce electric vehicles, according to Thailand’s Eastern Economic Corridor Office.
Thailand’s Board of Investment last month approved BYD’s 18 billion baht plan to manufacture battery-powered vehicles and plug-in hybrid electric vehicles in the country.
The Thai government earlier this year allocated about 43 billion baht through 2025 to promote the use of EVs as part of the effort.