BYD and Forvia will build a new seat assembly plant in Thailand's Rayong province, following their joint establishment of seven factories in China.
(Image credit: CnEVPost)
BYD (OTCMKTS: BYDDY) will build a new seat assembly plant in Thailand with French auto parts group Forvia, as the Chinese new energy vehicle (NEV) maker ramps up its efforts in international markets.
BYD and Forvia will build a new seat assembly plant in Thailand's Rayong province, having already set up 7 factories together in China, according to a statement posted by the French parts company on WeChat today.
The new plant will produce complete seat sets under Shenzhen Faurecia Automotive Parts Co Ltd, a joint venture set up by BYD and Faurecia in 2017, in which Forvia has a majority stake.
Founded in 1998, Faurecia completed the acquisition of Hella, another parts supplier, in February 2022 and formed a new parts group called Forvia.
As of today, BYD and Forvia have seven factories in China, four of which were established in the past 18 months.
Thailand will be Forvia's export center in the Asia-Pacific region and a key growth engine for the future, the French parts company said.
(Image credit: Forvia)
In October 2017, BYD and Faurecia established Shenzhen Faurecia and opened factories in cities including Shenzhen, Xi'an, Changsha, Changzhou and Fuzhou.
On July 20, 2022, Shenzhen Faurecia opened its sixth factory and on September 21 saw the 10,000th set of seats roll off the line at the facility.
BYD has already launched the Dolphin and Atto 3 -- the model is known in China as the Yuan Plus - in Thailand with cumulative deliveries of more than 15,000 units, the company said earlier this month.
In September 2022, BYD signed a land purchase agreement with Thai industrial property developer WHA Industrial Development PLC, a subsidiary of WHA Group, to build a factory there.
BYD's plant here is expected to start operations in 2024 with an annual capacity of 150,000 electric passenger cars, and the vehicles will be exported to ASEAN countries as well as Europe, according to a WHA statement at the time.