Following a meeting between the Deputy Premier of Vietnam and the founder and chairman of BYD, the automaker expects support from the government to make it happen. The company aims to create favorable conditions to quickly start making EVs in Vietnam for sale locally and in other parts of Southeast Asia. In addition to Vietnam, BYD has been considering the Philippines and Indonesia for a new Southeast Asia plant.
BYD, China’s biggest EV brand, is already building its first overseas production facility in Thailand. The automaker sold over 210,000 vehicles in April, double the number from a year earlier, with exports accounting for about 6% of its EV sales. The company's shares have risen more than 2% on Monday morning in Hong Kong, boosted by the Chinese government's pledge to support the EV sector.
BYD's push into Vietnam is part of its larger strategy to expand overseas in Asia, Europe, and Latin America.
Source: Bloomberg
