TECH - Warren Buffett-Backed Chinese EV Giant BYD To Open First Southeast Asia Factory To Increase Car Sales Amid EU Tariffs | Benzinga
Warren Buffett-backed Chinese EV giant BYD Co. Ltd. (OTC:BYDDF) (OTC:BYDDY) is set to inaugurate its first Southeast Asia factory in Thailand, a move that coincides with the implementation of new tariffs on Chinese EVs in the European Union.
What Happened: BYD’s $486 million facility in Thailand’s Rayong province is expected to be operational on Thursday, reported Nikkei on Wednesday. The factory will focus on exporting most of its 150,000 annual capacity to other Southeast Asian countries and Europe.
The factory’s opening coincides with the EU’s imposition of new tariffs on Chinese EVs, in addition to the existing 10% tariff. The additional tariffs, including a 17.4% levy on BYD vehicles, are aimed at leveling the playing field for European brands against China’s heavily subsidized automotive industry.
“China is still destocking. ...