China’s EV giant is aggressively expanding overseas. As it finalizes plans for yet another EV manufacturing plant, this time in Cambodia, BYD will set up shop next to newly opened Ford and Toyota facilities. BYD’s impressive growth streak is not slowing down.
mark in a single month. With China’s auto market becoming flooded with low-cost competitors, BYD is looking to key overseas markets to drive growth. After opening its first plant in Thailand earlier this year, a booming EV region, BYD plans to open up shop in another major Southeast Asian market.
According to , BYD is nearing a deal to establish a new EV manufacturing plant in Cambodia. Prime Minister Hun Manet said on Wednesday that the Council for the Development of Cambodia (CDC) is in the final stage of negotiations with BYD to build a new electric vehicle facility in the region. “We may be aware that BYD is a giant Chinese company specialising in EV production, comparable to Tesla, the largest EV manufacturer in the United States,” Mr Hun Manet said at the event.
BYD will follow Toyota, which t in Cambodia in May, and Ford’s first assembly plant in the region, which opened in June 2022. Cambodia’s prime minister stressed the importance of attracting new investments. With geopolitical tensions rising, many companies are looking to new locations.
Southeast Asia is expected to become a major electric vehicle hub. The Cambodian government unveiled plans earlier this year to raise automotive and electronics.