ALBAWABA - Chinese automaker BYD plans to expand its production and assembly of electric vehicles in Vietnam, according to a statement by the Vietnamese government.
The company intends to establish a plant in Vietnam to produce auto parts with the aim of exporting components to an adjacent assembly plant in Thailand.
BYD Founder and Chairman Wang Chuanfu said in a statement that he expects Vietnam to provide favorable opportunities for the company to increase its investments.
The presence of BYD in Vietnam will pose a direct challenge to Vietnamese electric vehicle manufacturer, VinFast, which started selling cars in 2019 and plans to expand to the United States and Europe, the chairman explained.
Last September, BYD, which is backed by American billionaire Warren Buffett, confirmed its plans to build an electric vehicle assembly plant in Thailand with an annual production capacity of 150,000 cars, starting in 2024.
