BYD, the Chinese automaker, recently opened its inaugural electric vehicle plant in Thailand. This move is part of the company's strategy to expand into Southeast Asia, alongside its efforts to penetrate the more affluent markets in the US and Europe.

BYD Expands Into Southeast Asia With First EV Plant in Thailand 

On the day the European Union is set to impose higher tariffs on EVs made in China, the factory's opening takes place. This move is driven by concerns over competition from cheaper-priced imports, according to AP News.

A new factory in Rayong, located south of Bangkok, was constructed in a remarkable 16-month timeframe. This impressive facility boasts an annual production capacity of 150,000 vehicles.

BYD manufactures a variety of models, as well as batteries and transmissions. The grand opening on Thursday was celebrated with much excitement and featured the generous donation of a BYD Dolphin, a stylish compact hatchback, to a charitable foundation supported by the Thai royal family.

Thailand has set a target of having 30% of its vehicle production be electric by 2030. A significant portion of electric vehicles sold in Thailand are manufactured by BYD, despite the majority of vehicles currently on the roads being powered by gasoline or diesel.

BYD, the company known as "Build Your Dreams," had a remarkable year with 3 million vehicles sold and a significant increase in exports to 243,000. During the first half of this year, the company managed to sell an impressive 1.6 million electric vehicles.

READ NEXT: Germany Blocks Volkswagen Subsidiary Sale to China Over National Security Concerns 

BYD's Ambitious Production Plans

Last year, the company achieved impressive sales of 30,650 electric vehicles in Thailand. Additionally, they have exciting plans for their upcoming factory, which will produce the Dolphin, Atto 3, Seal, and Sealion 6 electric vehicle models.

According to BYD, the new factory is anticipated to generate employment opportunities for 10,000 individuals. In addition to Thailand and China, BYD has also established or is in the process of constructing factories in Brazil, Hungary, and Uzbekistan.

BYD claims that the Dolphin has an impressive range of 490 kilometers (about 300 miles) on a single charge. At a recent auto show in Bangkok, the displayed models were listed at a price of 859,999 baht ($23,700). 

However, there have been reports suggesting that BYD plans to offer significant discounts on vehicles manufactured in their new factory in Thailand.

READ MORE: Tesla Announces New 'Military Purchase Program' with $1,000 Discounts Across Models