South Korean media expect Hyundai and BYD to compete fiercely in the electric vehicle market in Southeast Asia.
September 15 news, According to foreign media reports, On the 8th of this month, BYD and WHA Weihua Group Volkswagen Co., Ltd. signed a contract, Formally signed land subscription, Plant construction related agreement, Marking BYD wholly-owned investment in the first overseas passenger car factory officially landed in Thailand, Enterprise globalization process opened a new chapter. On the 8th of last month, BYD joined hands with RVER Automotive to hold a brand launch conference in Bangkok to announce its official entry into the Thai passenger car market.
With BYD entering the Thai passenger car market and investing in Thailand, the Southeast Asian electric vehicle market will also welcome new players, and the competition in this electric vehicle market will be more intense.
South Korean media reported that BYD, currently the world's second largest electric vehicle and third largest electric vehicle battery manufacturer, chose to build its first overseas factory in Thailand with the goal of seizing the Southeast Asian electric vehicle market, which is expected to grow rapidly.
South Korean media also said in the report that as BYD aims at the Southeast Asian market, Hyundai Motor Group, which is accelerating its penetration into the Southeast Asian electric vehicle market, will compete fiercely with BYD in this market.
South Korean media reported that the Southeast Asian market is an important market that Hyundai Motor Group cannot abandon. Their factory with an annual output of 150,000 cars in Indonesia was built last year and launched the IONIQ 5 electric car. Their EV battery factory, a joint venture with LG New Energy, is close to the vehicle factory and is expected to be operational in the first half of 2024.
BYD's factory in Thailand is expected to start operation in 2024, with an annual production capacity of about 150,000 vehicles. The cars produced will be launched into Thailand's domestic market and radiate to neighboring ASEAN countries and other regions.
