In Thailand, where Japanese automakers hold a high market share, China's largest electric car manufacturer BYD has created a new production base and started local manufacturing.
The new factory, located in the eastern Thai province of Rayong, just opened. The company says it has a production capacity of 150,000 vehicles per year, and will also make batteries and transmissions. It adds that the plant is likely to create 10,000 jobs in the future.
BYD entered the Thai market in 2022 and now holds a 40 percent share of EV sales in the country.
The company plans to strengthen its competitiveness through local production and focusing on sales in Thailand. It also plans on exporting to Southeast Asian countries and Australia.
Japanese automakers hold a nearly 80 percent share of the total car sales in Thailand, with a concentration of production facilities there. But the Thai government's promotion of EVs has prompted many Chinese firms to set up production bases as well, meaning competition is expected to intensify.