BYD Celebrates 8 Million NEV Milestone and Thailand Expansion

On July 4, Chinese automaker BYD, backed by Berkshire Hathaway, achieved two significant milestones. The company inaugurated its Thailand plant in Rayong and produced its 8 millionth new energy vehicle.

BYD completed its Thailand plant in an impressive 16 months. With an annual capacity of 150,000 vehicles, the facility covers stamping, painting, welding, final assembly, and car component production. This ambitious project is expected to create 10,000 jobs. Notably, BYD unveiled the Dolphin model as its 8 millionth new energy vehicle during the inauguration.

BYD’s success in Thailand is remarkable. For eighteen months within the past two years, it has held the title of pure electric vehicle sales champion. Currently, one out of every three electric vehicles sold in Thailand bears the BYD brand. Looking ahead, BYD plans to introduce more pure electric and plug-in hybrid models in the Thai market.

Global Leadership in New Energy Vehicles

BYD’s global expansion is evident. In 2023, the company achieved a staggering 337% year-on-year increase in exports, totaling 243,000 vehicles. During the first half of this year, BYD sold 1.607 million new energy vehicles worldwide—a 28% year-on-year growth. Impressively, over 203,000 of these vehicles were exported, reflecting a remarkable 173.8% year-on-year increase.

BYD’s new energy vehicles are now available in 88 countries and regions. The company has established passenger car production bases not only in Thailand but also in Brazil, Hungary, and Uzbekistan.

As an industry leader in new energy vehicles, BYD continues to drive innovation and sustainable transportation on a global scale.

© 2024 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway and BYD, and this article is not a recommendation on whether to buy or sell a stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.

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