BYD plans to manufacture electric cars (EVs) in Vietnam and anticipates government cooperation, the South-east Asian country announced during a May 5 meeting between Deputy Premier Tran Hong Ha and the automaker’s chairman and founder, Wang Chuanfu.
According to a post on a government website late Friday following the meeting in Hanoi, Wang expects Vietnam to establish “favourable conditions” for BYD to complete investment processes and begin manufacturing EVs for sale locally and in other regions of South-east Asia. The firm intends to establish a local supply chain.
A BYD spokesperson confirmed the intentions to manufacture EVs in Vietnam through email. She did not disclose any investment details.
BYD, China’s largest EV manufacturer, is constructing its first foreign production site in Thailand. In addition to Vietnam, the Shenzhen-based business has considered the Philippines and Indonesia for a new South-east Asia facility.
In April, the business sold 210,295 automobiles, nearly double the figure from the previous year but only marginally higher than the previous month. While China accounts for the majority of sales, BYD has been expanding across Asia, Europe, and Latin America. Exports contribute around 6% of its EV sales.
BYD shares surged more than 2% in Hong Kong on Monday (May 8) morning, bolstered by the Chinese government’s renewed vow to promote the EV industry. This year, BYD has increased by 25%.
