A manager of the industrial park where the proposed plant is to be located has stated that BYD, a Chinese maker of electric vehicles, has slowed down its intentions to build an EV factory in Vietnam. This information was disclosed on Thursday during a meeting of shareholders. The Vietnamese government had previously declared in May that BYD planned to build an electric vehicle assembly and manufacturing plant in Phu Tho, a region in the country’s north. An existing BYD facility that makes tablets for Apple is located in this area.
The industrial park where
new facility is planned is run by Gelex Group, whose vice chairman, Luong Thanh Tung, said at a shareholders conference in Hanoi that BYD had postponed starting construction because of strategic considerations as well as the downturn in the electric vehicle industry. A hundred hectares of commercial property at the Phu Ha industrial park were set aside for the electric vehicle production by BYD following protracted negotiations. The parties are currently looking for a suitable moment to start the project, nevertheless, because of the ensuing delays.
In response to queries for comments regarding Gelex’s remarks from Thursday’s meeting, BYD’s Chinese headquarters has not yet responded. This year, there is expected to be a slowdown in the worldwide EV industry, in part because governmental subsidies are being reduced.
The Vietnamese government revealed BYD’s investment ambitions subsequent to Wang Chuanfu, the company’s head, visiting the nation in May. Chuanfu expressed his desire for favorable conditions to finish investment procedures in accordance with the Vietnamese government during a meeting with Tran Hong Ha, Vietnam’s deputy prime minister, in May, despite the statement’s lack of details regarding the project’s start date or investment amount.
BYD is building an EV facility in Thailand and intends to create EV facilities in Indonesia in addition to its plans in Vietnam. Over 3 million electric vehicles, including plug-in hybrids and battery EVs, were sold by the business worldwide last year.
