Name: Chinese EV Maker BYD to Build Vietnam Plant: Sources
Uploaded: 2023-01-14T19:17:33.000Z
Description: The world's largest electric vehicle maker, BYD, is planning to launch a new factory in Vietnam. Sources said that the plant would start making car parts for the company by mid-year, with the investment to build it exceeding $250 million.

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The world's largest electric vehicle maker, BYD, is planning to launch a new factory in Vietnam. Sources said that the plant would start making car parts for the company by mid-year, with the investment to build it exceeding $250 million.

The move would reduce China-based BYD's reliance on its home country, and deepen its supply chain in Southeast Asia as part of a global expansion. The carmaker has also been expanding elsewhere in Asia, including Singapore, Japan, and Europe.

The bid follows a wider manufacturing trend to reduce exposure to China, amid trade tensions with the United States and production delays under Beijing's previous COVID-19 lockdowns.

BYD outsold rival Tesla in electric vehicles by more than two to one in China in 2022.

The company declined to comment on the Vietnam plant leak.

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