BYD to open Thai factory as new EU tariffs on China EVs kick in

BANGKOK -- Chinese electric vehicle champion BYD plans to mark the opening of its first factory in Southeast Asia on Thursday -- a $486 million facility in Thailand's Rayong province -- with hefty price cuts for local buyers.

The move, which will see the Atto 3 SUV discounted by up to 340,000 baht ($9,234), reflects the fierce competition facing EV producers and other automakers in Thailand, where an economic slowdown and a rise in car loan rejections are weighing on sales.