BYD has marked two major milestones by recently celebrating the production of its 8 million new energy vehicles (NEVs) including electric vehicles (EVs) and inaugurating a new production plant in Thailand, while also revealing expansion plans in Vietnam.

Starting with BYD’s Thailand plant, the company’s ceremony unveiled its 8 millionth vehicle milestone through a Dolphin EV model. This achievement arrives just over three years after BYD produced its 1 millionth NEV in May 2021, highlighting the company’s accelerated production capabilities.

The event also saw the inauguration of BYD’s new plant in Thailand, completed in only 16 months. With an annual production capacity of 150,000 units, the plant is projected to create 10,000 jobs and integrate various production processes, from stamping to final assembly.

Read More: BYD Expands Global Footprint With First Southeast Asian EV Plant In Thailand

Pimphattra Wichaikul, Thailand’s Minister of Industry, expressed praise on BYD’s investment stating “BYD is a world-leading automobile manufacturer and a pioneer in China’s new energy vehicle industry. BYD’s investment in Thailand, along with its advanced production technology, will drive the development of the new energy vehicle industry in Thailand and across ASEAN.”

BYD’s success in Thailand is already evident, with the company dominating as the top pure electric vehicle seller for 18 consecutive months with a BYD model being one in three EVs sold in Thailand according to BYD.

Globally, BYD has seen massive growth with the first half of 2024 seeing the company sell 1.607 million EVs worldwide, a 28% increase from the previous year. Of these, over 203,000 were exported, marking a 173.8% year-on-year growth.

As part of its continued Southeast Asia expansion, BYD is now setting its sights on Vietnam. The company plans to open 13 dealerships in the country this Saturday, with aims to increase this number to about 100 by 2026 according to Reuters. BYD will initially offer three models in Vietnam including the compact crossover Atto 3, with plans to expand to six models by October.

Potentially, the Atto 3 will be priced from 766 million VND ($30,300) in Vietnam, positioning it slightly higher than local competitor VinFast’s VF 6 model. While BYD is currently importing its EVs for the Vietnamese market, discussions are ongoing about potentially building a production plant in the country.

As BYD continues its global market expansion, its increasing presence in Vietnam will pose a challenge to domestic EV automaker VinFast, which sold 32,000 EVs in the country last year. With production bases now established in Thailand, BYD has further elevated its position in the global EV market.

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