People familiar with the matter said that the Chinese electric vehicle giant BYD plans to set up factories in Vietnam to produce car components.
Reuters on Friday (January 13) quoted the above news.The purpose of this move is to reduce its dependence on the Chinese market, and to deepen the deployment of Southeast Asia's supply chain in order to cooperate with the global market expansion plan.
One of the people familiar with the matter said that BYD will invest more than 250 million US dollars (about S $ 330 million) in northern Vietnam to expand the company's existence in the Vietnamese market.BYD currently produces solar panels in Vietnam.
People familiar with the matter said that the location of the Vietnamese factory selection is still underway. The plant is planned to start construction in mid -2023. It is unclear which components will be produced, and whether they include battery or battery packs.
BYD asked Reuters not to comment.
BYD also announced in September 2022 that it will build a factory in Thailand to build a car and will produce 150,000 electric vehicles from 2024.
People familiar with the matter said that the components produced by BYD Vietnamese plant will be supplied to the Thai car manufacturer, and it can also provide a local Vietnamese market to repair BYD electric vehicles produced in China.
