China’s BYD plans local production in Thailand and Vietnam
BYD’s momentum shows no sign of abating in 2023. Driven by car sales, in the first three months of 2023, sales grew by 79.8% year-on-year and operating profit by 5.0 times year-on-year.
In China, the Wang Dynasty series and Ocean series are lined up under the BYD brand; the Denza brand, a joint venture with M-Benz, and the Yangwang brand, a luxury EV brand with a sales price of RMB 1 million (approx. JPY 19.5 million) class, will be launched in 2023. The company has also launched the Yangwang brand of luxury EVs with a sales price of 1 million yuan (approx. ¥19.5 million). The passenger car sales price range is therefore from 100,000 yuan to 1 million yuan, targeting a wide range of consumers. Meanwhile, the company is also engaged in local production outside China. The company is in the process of building its first overseas passenger car plant in Rayong Province, Thailand, which will be operational in 2024. In addition, reports have revealed that the company is seeking the cooperation of the Vietnamese government in setting up an electric vehicle plant in Vietnam.This report thoroughly investigates and analyses BYD’s product line-up strategy, development of strategic components, production system, sales situation and even organisational personnel.