- BYD Co, Ltd (OTC:BYDDY) plans to produce electric vehicles in Vietnam with the government’s backing.
- On May 5, the Chinese EV maker’s Chairman and founder, Wang Chuanfu met with Vietnam’s Deputy Premier Tran Hong Ha to discuss the course of action, reported Bloomberg.
- Wang expects the Southeast Asian nation to pave the way for easy completion of investment procedures so that BYD can begin making EVs as soon as possible.
- Also Read: Tesla Reportedly Taps BYD Batteries To Power Model Y EVs In Germany
- The company plans to form a local supply chain, and the EVs made will be sold locally and in other parts of Southeast Asia.
- BYD sold 210,295 vehicles in April, about two times the number from last year, with most of its sales coming from China.
- The EV maker is building its first overseas production facility in Thailand.
- Also Read: Warren Buffett-Backed BYD’s Latest Hatchback EV Is Cheaper Than A Comparable Gas-Powered Car
- Price Action: BYDDY shares closed higher by 0.33% at $60.40 on Friday.
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