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By Chayut Setboonsarng<\/p>\n
RAYONG, Thailand (Reuters) -China’s BYD opened an electric vehicle plant in Thailand on Thursday, the auto maker’s first factory in Southeast Asia, a fast-growing regional EV market where it has become the dominant player.<\/p>\n
“Thailand has a clear EV vision and is entering a new era of auto manufacturing,” BYD CEO and President Wang Chuanfu said at the opening ceremony.<\/p>\n
BYD’s plant is part of a wave of investment worth over $1.44 billion from Chinese EV makers who are setting up factories in Thailand, helped by government subsidies and tax incentives.<\/p>\n
By 2030, Thailand aims to convert 30% of its annual production of 2.5 million vehicles into EVs, according to a government plan.<\/p>\n
Thailand is a regional auto assembly and export hub and has long been dominated by Japanese car makers, such as Toyota Motors, Honda Motors and Isuzu Motors.<\/p>\n
“BYD is using Thailand as a production hub for export to ASEAN and many other countries,” said Narit Therdsteerasukdi, Secretary General of Thailand’s Board of Investment, referring to the 10-nation Southeast Asian bloc.<\/p>\n
The facility, announced two years ago, is worth $490 million and will have a production capacity of 150,000 vehicles per year, including plug-in hybrids.<\/p>\n
“We will also assemble batteries and other important parts here,” said Liu Xueliang, BYD’s Asia Pacific general manager.<\/p>\n
(Reporting by Chayut Setboonsarng, Editing by Devjyot Ghoshal)<\/p>\n<\/div>\n