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Chinese electric car maker BYD announced at a shareholder meeting on Thursday that plans to build an electric car factory in Vietnam are slowing down.
BYD has reserved 100 hectares of land in Phu Tho Province in northern Vietnam, but due to strategic adjustments and the sluggish electric vehicle market, the construction plan has been delayed. The move comes in response to slowing growth in the global electric vehicle market.
BYD Chairman Wang Chuanfu has visited Vietnam, but the launch date of the investment plan has not yet been determined. The company is also building electric vehicle factories in Thailand and Indonesia, with global sales exceeding 3 million vehicles last year.
(Source: Reuters Image source: Unsplash)
