BYD is the largest domestic electric vehicle (EV) manufacturer in China. As EkaLore has described in other releases, BYD is executing on plans to launch into EV markets on multiple continents. BYD plans manufacturing plants in its overseas markets.
Although BYD has some small operations in the USA there are no plans to bring its EV's to the North American market until full plans for a dealer network and sales channels are fully worked out. Tariff considerations may also play a role.
BYD is launching a plant in Thailand for production of Electric Vehicles (EV). The plant, scheduled to ramp up in 2024, is sized to produce 150000 vehicles per year.
The Thai vehicle market is less than 900000 vehicles per year with a nationwide production of 1.8-2M vehicles per year. Many foreign manufacturers (GM, Ford, Honda, Toyota, VW, BMW, many others) have based South Asian production in Thailand and the domestic industry, with local suppliers, has been a key manufacturing strength. Ford, for example, moved light truck production to Thailand and its thriving local market from the United States.
The Thai government, looking at vehicle pollution and transportation networks, has made steps to encourage EV/NEV production and sales. On the production side Thai government objectives hope for 700000 EV manufacturing in 2030 (30% of total vehicle production). Thai sales of EV’s were only 9600 units in 2022 and has already achieved sales of 14700 in 1Q2023. BYD’s modest goal is 10000 unit sales in Thailand and up to 140000 units for export to Southeast Asian countries and Europe. This is inline with BYD’s export goals of up to 800000 in 2023 or 2024 with sales growth targeted for Asia (outside China) and Europe.
An extra benefit for Thai-based production of EV’s would be the ability to export to the North American market without full-Chinese tariffs as content and value-added sourcing would reflect Thai manufacturing.
For more analysis and notes on BYD see http://www,ekalore.com
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