Business News 11/05/2023, 01:52

BYD, Chinese EV giant, to commence local production in Vietnam

BYD, a major Chinese electric vehicle (EV) manufacturer, plans to expand beyond China.

BYD, Chinese EV giant, to commence local production in Vietnam

On May 5th, Wang Chuanfu, the chairman and founder of BYD, a major Chinese electric vehicle (EV) manufacturer, met with Vietnam's Deputy Prime Minister Tran Hong Ha and expressed his expectation that the Vietnamese government would provide favorable conditions for the company's investment to enable rapid EV production in Vietnam.

BYD, headquartered in Shenzhen, China, is currently building its first overseas production base in Thailand. It is also considering new factory construction in the Philippines and Indonesia, apart from Vietnam.

Last month, BYD's EV sales reached 210,295 units, twice that of the same month last year. While China remains the company's main sales market, it is expanding into other Asian countries, Europe, and Central and South America. EV exports account for approximately 6% of its sales.

With over 1.85 million EV sales last year, more than triple the previous year, BYD became the world's largest EV manufacturer in 2022.

In January of this year, the company announced plans to establish an automotive parts production base in Vietnam, indicating its inclusion of the Southeast Asian market in its global expansion strategy. At the same time, it is also expanding its business in Japan, Europe, and North America, particularly in the major markets of other EV giants such as Tesla and Toyota.

Dân Trí / Translator: Ngọc Mai
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