BYD and NETA announce the development of an electrical vehicle factory in Thailand
While the penetration of recent energy vehicles in China will undoubtedly increase in 2023, domestic manufacturers are increasing their efforts to enter the Thai market. BYD and NETA announced on March 10 the development of factories in Thailand. Both sides said the factory intends to supply vehicles for Thailand, ASEAN countries and other regions.
BYD’s Thai plant is positioned within the WHA industrial park in Rayong, Thailand’s eastern province, and is an element of a 17.9 billion baht ($491 million) electric vehicle production project. The factory covers an area of roughly 96 hectares and is anticipated to supply 150,000 vehicles per 12 months when it officially opens in 2024. It needs to be noted that BYD celebrated the groundbreaking of the brand new plant and at the identical time delivered the ten,000th ATTO 3.
BYD and its local partner, RVER, announced their entry into the Thai passenger automobile market in August 2022. The agreement with WHA Industrial Park was signed in September the next 12 months, and BYD declared that the country would host the country’s first foreign passenger automobile production. The BYD ATTO 3 (referred to as Yuan EV in China) was officially launched in November and sold over 10,000 units on December 12.
NETA’s latest factory, positioned in Khan Na Yao, Bangkok, Thailand, is the corporate’s first overseas factory to open, with an annual production capability of 20,000 vehicles. In addition, NETA and Bangchan General Assembly Co. Ltd, an automotive assembly company, have signed a cooperation agreement under which each parties will establish a whole set of electrical vehicle production processes, including establishing a factory and training staff.
According to NETA, the establishment of a subsidiary in Thailand was the corporate’s first stop in its global expansion plans only after 15 months. NETA V, its first model in Thailand, took second place within the list of all-electric models with license plates in Thailand, while BYD ATTO 3 took first place. The latest factory ensures that NETA will deliver 10,000 units to customers in Thailand this 12 months.
NETA co-founder and CEO Zhang Yong stated that the corporate intends to expand its operations to the Middle East and the European Union in the long run. From January to February 2023, NETA delivered a complete of 16,000 latest cars, and in February, sales exceeded 10,000 units, a rise of 41.5% year-on-year.
Thailand’s electric vehicle market is currently dominated by manufacturers from China, Europe, Japan and South Korea. However, Chinese EV brands have pricing and logistics benefits, making them more attractive to Thai consumers. As a result, the variety of Chinese electric vehicles in Thailand is anticipated to extend rapidly. According to KResearch, the share of Chinese electric vehicle brands within the Thai market will increase from 78% in 2022 to 85% in 2023.
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