BYD has inaugurated its new Thailand plant as well as produced its eight-millionth new energy vehicle in Rayong, Thailand, marking two milestones in the company’s global expansion.
BYD completed its Thailand plant in just 16 months, with an annual capacity of 150,000 vehicles. The facility encompasses processes of stamping, painting, welding, final assembly, and producing car components. It is projected to generate 10,000 jobs. The milestone eight millionth EV is a Dolphin model.
Pimphattra Wichaikul, Thailand’s Minister of Industry, said: “BYD is a world-leading automobile manufacturer and a pioneer in China’s new energy vehicle industry. BYD’s investment in Thailand, along with its advanced production technology, will drive the development of the new energy vehicle industry in Thailand and across ASEAN.”
Wang Chuanfu, Chairman and President of BYD, emphasized BYD’s success in the Thai market, which has become the pure electric vehicle market leader for 18 months within the past two years. Currently, one in every three electric vehicles sold in Thailand is a BYD. Going forward, BYD aims to launch more all-electric and plug-in hybrid models in Thailand.
As the global leader in new energy vehicles, the company has significantly expanded its overseas presence in recent years. In 2023, it achieved a 337% year-on-year increase in exports, reaching 243,000 vehicles. In the first half of this year, BYD sold 1.607 million new energy vehicles globally, a 28% year-on-year increase, securing its position as the largest in the industry. Of these, over 203,000 were exported, showing a 173.8% year-on-year growth. As of now, BYD’s new energy vehicles are present in 88 countries and regions worldwide, with passenger car production bases established in Thailand, Brazil, Hungary, and Uzbekistan.
Since achieving the roll-off of its millionth new energy vehicle in May 2021, BYD has achieved the impressive milestone of 8 millionth vehicles in just over three years.
Sustained global demand for its NEVs means that the company continues to improve its production speed. On March 25, 2024, BYD rolled out its seven millionth NEV, barely four months after the six millionth car rolled out. Now the eight million unit has rolled out on July 4: that’s just 101 days or a little over three months.
BYD plans to continue to expand its global market presence, leveraging its advanced technology and innovative products. As more overseas factories come into operation, BYD’s global production capacity will progressively strengthen.
In June, BYD sold a total of 341,658 NEVs, up 35% YoY, and was also commissioned the BYD Uzbekistan Factory.