(Photo: Pattarapong Chatpattarasill)RAYONG - China's BYD (Build Your Dreams) opened an electric vehicle (EV) plant in Thailand on Thursday, the auto maker's first factory in Southeast Asia, a fast-growing regional EV market where it has become the dominant player. "Thailand has a clear EV vision and is entering a new era of auto manufacturing," BYD CEO and President Wang Chuanfu said at the opening ceremony. The BYD plant is part of a wave of investment worth more than US$1.44 billion from Chinese EV makers who are setting up factories in Thailand, helped by government subsidies and tax incentives. By 2030, Thailand aims to convert 30% of its annual production of 2.5 million vehicles into EVs, according to a government plan. Other EV rivals in the local market include Great Wall Motor, which also has a production facility in Thailand, and Tesla.
