BYD announced they had signed a land purchase deal with Thailand’s largest industrial-estate developer.
As per reporting by Bloomberg, the deal with WHA Corp will see BYD build an EV production plant in Thailand.
The plant will have an annual production capacity of around 150,000 vehicles and start operations in 2024.
It is not clear if the production hub will be solely for domestic production or will export vehicles as well.
As per Thailand’s Eastern Economic Corridor Office, BYD plans to invest around 30 billion baht in the production facility.
This investment is in addition to the 18 billion baht plan the Thai office approved last month.
BYD announced they would start selling BYD vehicles in Thailand earlier this month.
The company is partnering with local distributor Rever Automotive Co to bring BYD vehicles to Thailand.
The Thai expansion is part of a broader global expansion by BYD.
Earlier this week, Drive Tesla Canada reported that BYD is expanding to Denmark, Sweden, the Netherlands, Germany and Israel.
Thailand is amidst a significant push to become a manufacturing powerhouse in the region.
The government is using tax incentives as a sweetener to bring EV producers to the country.
It is unclear if BYD is receiving government tax incentives for choosing Thailand as its southeast Asian production hub.