China's EV giant BYD is growing aggressively overseas. As it finalizes plans for yet another EV production facility, this time in Cambodia, BYD will set up shop next to the recently opened Ford and Toyota facilities.
BYD's phenomenal growth is not slowing down. In October, BYD sold more than 500,000 new energy vehicles (NEVs), its fifth record-breaking month and the first time to surpass half a million. mark one month.
As China's auto market is flooded with cheaper competitors, BYD is eyeing key overseas markets to drive growth.
After opening its first plant in Thailand earlier this year, a booming EV region, BYD plans to set up shop in another major Southeast Asian market.
In accordance with Khmer TimesBYD is nearing an agreement to establish a new EV manufacturing plant in Cambodia. Prime Minister Hun Manet said on Wednesday that the Cambodia Development Council (CDC) is in the final stages of negotiations with BYD to build a new electric vehicle plant in the region.
“We may know that BYD is a large Chinese EV manufacturer, similar to Tesla, the largest EV manufacturer in the United States,” Mr. Hun Manet said at the event.
BYD closes deal for new EV plant in Cambodia
BYD will follow Toyota, which opened an assembly plant in Cambodia in May, and Ford's first assembly plant in the region, which opened in June 2022.
Cambodia's prime minister emphasized the importance of attracting new investors. As political tensions rise, many companies are looking for new areas.
Southeast Asia is expected to be a major center for electric vehicles. The Cambodian government unveiled plans earlier this year to boost exports of cars and electronics to more than $2 billion while creating more than 22,000 new jobs.
BYD opening a new EV plant will be “good news” for Cambodia, Natharoun Ngo Son, Country Director of EnergyLab, told. Khmer Times.
The EV manufacturing plant will “provide an excellent opportunity to re-employ or upskill Cambodian workers” for new high-paying jobs. EnergyLab is launching a new skills development program early next year to prepare Cambodian workers for the automotive industry's transition to EVs.
The news comes after BYD launched its first electric van, the Shark PHEV (BYD Shark 6), in Cambodia last month.
BYD also plans to open EV plants in Mexico, Brazil, Pakistan, Hungary, and Turkey as it competes with Ford and Toyota in the global auto market.
Electrek's Take
According to the latter Bloomberg report, BYD is fast catching up with Ford in global deliveries. BYD outsold Ford in the third quarter by nearly 40,000 units.
While Ford is cutting more jobs in Europe as part of its restructuring, BYD has been on a hiring spree as it ramps up production to meet high demand.
BYD is known for its affordable EV models, such as the Seagull, Dolphin, and Atto 3, but China's automotive lineup is expanding into trucks, mid-size smart SUVs, and premium EVs.
Ford is well aware of BYD's rise in global automotive standards. CEO Jim Farley has warned rivals in the past about losing big money if they can't keep up with China. Farley said he was shocked by the advanced technology he saw after a trip to China in early 2023.
While Ford is shifting gears to focus on smaller, less expensive EVs, it may be too late. Ford is developing what is promised to be one of the most efficient EV platforms in California, but its first model based on it, a midsize electric van, won't be out until 2027.
Will BYD overtake Ford in global car rankings? Let us know what you think in the comments below.
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