Asia Tech Wire (July 5) -- BYD Chairman Wang Chuanfu said the Chinese electric car maker has more than 40% of Thailand's new energy vehicle market.

BYD held a ceremony on Thursday to mark the launch of its electric vehicle plant in Thailand's Rayong province.

During the event, Wang revealed that BYD has a market share of more than 40% of the Thai new-energy vehicle market.

He said BYD has led the new energy vehicle market in Thailand for 18 consecutive months since 2023.

In the first half of this year, the penetration rate of new energy vehicles reached 12% in Thailand.

Wang said, breaking 10% market share of new energy vehicles is the tipping point, after which it will usher in leapfrog development, and he believed that Thailand's new energy vehicle industry will usher in golden development.

BYD's Thailand plant has an annual capacity of 150,000 units and will create 10,000 jobs in the Southeast Asian country.

In addition to meeting the demand of Thailand's domestic market, the plant will also export to ASEAN countries and other regions.