Jul 04, 2024 06:04 PM
BUSINESS
BYD to Open Thai Factory as New EU Tariffs on China EVs Kick In
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BYD vehicles roll off the production line at its plant in Nikhom Phatthana, Thailand, on Thursday. Photo: VCG
(Nikkei Asia) — Chinese electric vehicle champion BYD plans to mark the opening of its first factory in Southeast Asia on Thursday — a $486 million facility in Thailand's Rayong province — with hefty price cuts for local buyers.
The move, which will see the Atto 3 SUV discounted by up to 340,000 baht ($9,234), reflects the fierce competition facing EV producers and other automakers in Thailand, where an economic slowdown and a rise in car loan rejections are weighing on sales.
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