BYD Thailand plant opens as its 8 millionth NEV rolls off line

BYD officially entered the Thai market in 2022 and now has a 41 percent share of the local NEV market.

(BYD's factory in Thailand opens on July 4, 2024. Image credit: BYD)

BYD (HKG: 1211, OTCMKTS: BYDDY) today celebrated the completion of its Thailand plant and the rollout of its 8 millionth new energy vehicle (NEV), marking another milestone in the history of the Chinese NEV giant.

BYD officially entered the Thai market in 2022 and now has a 41 percent share of the local NEV market, said Wang Chuanfu, the company's chairman and president, at a celebration ceremony today.

Since January 2023, BYD has ranked as the top seller of NEVs in Thailand for 18 consecutive months and has a high level of recognition in the country, Wang added.

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For an automotive market, the share of NEVs will explode after reaching 10 percent, which means Thailand's NEV industry will have a golden period of development, he said.

Currently, the penetration rate of NEVs in Thailand has exceeded 20 percent, with sales coming mainly from Chinese brands.

BYD signed a land purchase agreement in September 2022 with Thai industrial property developer WHA Industrial Development PLC, a subsidiary of WHA Group, to build an EV plant there.

On March 10, 2023, BYD held a groundbreaking ceremony for the plant.

The plant has an annual capacity of 150,000 vehicles and is the first overseas passenger car plant wholly owned by BYD.

(BYD chairman and president Wang Chuanfu speaks at the opening ceremony of the company's Thailand plant. Image credit: BYD)

Models currently produced at BYD's Thailand plant include the all-electric Dolphin and Seal, as well as the Atto 3, known as the Yuan Plus in China.

The company also plans to produce plug-in hybrid electric vehicle (PHEV) models there including the Sea Lion 6, which is known as the Song Plus DM-i in China.

BYD's 8 millionth vehicle is a Dolphin, a model that is offered in two versions in Thailand with a starting price of 699,999 baht ($19,120) and 859,999 baht, respectively.

Wang delivered the car to its owner, Dispanadda Diskul, CEO of Mae Fah Luang Foundation, at the event today.

BYD currently has 115 sales outlets in Thailand, said Liu Xueliang, general manager of the NEV maker's Asia Pacific auto sales division.

BYD entered the automotive industry in 2003, and in 2008 it sold its first NEV. It currently sells dozens of models in China.

On May 19, 2021, BYD saw its one millionth NEV roll off the production line, making it the first Chinese automaker to reach that milestone in the NEV segment.

On August 9, 2023, BYD saw its 5 millionth NEV roll off the line. On November 24, 2023, BYD saw its 6 millionth NEV roll off the line.