Chinese electric vehicle (EV) maker BYD announced on Thursday that it will build a facility in Thailand to start producing 150,000 passenger cars a year from 2024.
BYD announced in a joint statement with Thai industrial developer WHA Group that a purchase agreement had been signed for 96 hectares of land in the eastern province of Rayong for the plant.
The $491 million electric vehicle manufacturing project was approved by the Board of Investment of Thailand last month.
China’s largest electric vehicle maker aims to sell 10,000 units in Thailand and export to Southeast Asian countries and Europe.
Its factory in Thailand will be the latest among more than 30 others in the United States, Brazil and India.