BEIJING — BYD, a leading manufacturer of electric vehicles and batteries in China, intends to establish its first fully-invested passenger car manufacturing outside of China in Thailand.

According to press reports, BYD signed a contract on Thursday to purchase property and construct a new energy passenger vehicle factory in an industrial park run by the enormous local WHA Group. Amount of investment not disclosed by the companies. Pure battery and hybrid power are examples of new energy.

The announcement coincides with BYD’s swift international expansion. Notably, the business intends to sell three electric car models to local clients in Japan, the country where auto giant Toyota is based, in order to break into the passenger car market there.

According to BYD, it announced its official entry into the Thai passenger car market at the beginning of August.

The new facility, according to the business, will start producing automobiles in 2024 for both the domestic market and for export to nations in Southeast Asia.

According to WHA, the vehicles will also be shipped to Europe.

According to both corporations, the factory’s yearly manufacturing capacity will be over 150,000 vehicles. According to WHA, Thailand’s total automotive production is predicted to include 700,000 electric vehicles annually, or 30% of all vehicles produced by that country by 2030.

Over roughly the last year, BYD has made multiple announcements about electric passenger car sales to nations such as Brazil, Australia, Singapore and Norway. Some signify the brand’s entry into those markets, however it’s not obvious if BYD is yet making a significant amount of sales there.

BYD’s quick expansion

For many years, a large portion of BYD’s industry, particularly overseas, has been centred on commercial vehicles like buses.

But in recent years, the business has quickly emerged as a global powerhouse in China, the largest auto market in the world

More than three times as many battery-only passenger cars were sold during the first eight months of this year, according to BYD, which sold over 487,000 of them.

According to the most recent data from electric vehicle manufacturer Tesla, the business shipped 564,743 cars during the first half of the year. That has increased 46% since last year.

In contrast to Tesla, which only offers a small number of high-end vehicles, BYD offers a wide selection of models.

Since March, BYD has reportedly discontinued manufacturing gasoline-powered cars in favour of battery- and hybrid-powered models. BYD announced that starting in April 2021, all of its all-electric vehicles will employ the “Blade” battery, which was initially used in the company’s well-known Han luxury sedan.