Chinese BYD Co plan to produce electric vehicles in Viet Nam, the automaker’s chairman and founder Wang Chanfu said.
During a meeting with Deputy Prime Minister Tran Hong Ha this month, Wang said he expected support from the Vietnamese Government for the plan.
Wang said he hoped Viet Nam would create favourable conditions for his company to fulfil investment procedures so electric cars could be sold locally and in other South Asian markets.
BYD also planned to establish a supply chain, he said.
According to Bloomberg, a BYD spokeswoman confirmed by email the plan to make EVs in Viet Nam. She didn’t provide any investment details.
BYD's new factory in Viet Nam would be located in Phu Hoa Industrial Zone, Phu Tho Province. It would produce 150,000 vehicles per year once operational in 2024.
Headquartered in Shenzhen, BYD is the biggest producer of electric vehicles in China. In April, BYD sold 210,295 vehicles, double that of last year's period.
The Chinese market accounts for the majority of BYD's sales. The company has also expanded into overseas outlets such as nations in Latin America, Asia, and Europe.— VNS