![BYD delays construction of BEV plant in Vietnam amidst market slowdown 01]()
BYD has adjusted its timeline for establishing a battery electric vehicle (BEV) factory in Vietnam, according to a disclosure made by a senior executive at the industrial park slated for the development during a shareholders meeting on Thursday, reports Reuters.
The Vietnamese government had previously announced in May last year that BYD intended to construct a facility for manufacturing and assembling electric cars in the northern province of Phu Tho. This move was expected to expand BYD's operations beyond its existing plant in the region, which is dedicated to producing tablets for Apple.
![BYD delays construction of BEV plant in Vietnam amidst market slowdown 02]()
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"Due to strategic considerations and a moderation in the electric vehicle market, BYD has revised its timetable for commencing construction," stated Luong Thanh Tung, Vice Chairman of Gelex Group, the entity overseeing the industrial park designated for BYD's factory.
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![BYD delays construction of BEV plant in Vietnam amidst market slowdown 01]()
Addressing shareholders in Hanoi, Tung revealed that following extensive negotiations, Gelex had secured 100 hectares (250 acres) of commercial land within the Phu Ha industrial park for the proposed BEV manufacturing facility.
However, ongoing delays have necessitated a reassessment of the project's initiation timeline, with both parties now in search of an opportune moment to proceed.
![BYD delays construction of BEV plant in Vietnam amidst market slowdown 02]()
This year, the global BEV market is expected to see a slowdown in its growth, a trend partly linked to the decrease in government subsidies. The other part is as pointed out by an analyst at Fitch Ratings - that the declining demand for BEVs reflects consumers' pragmatic approach to car selection.
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The quest for automotive knowledge began as soon as the earliest memories. Various sources information, even questionable ones, have been explored including video games, television, magazines, or even internet forums. Still stuck in that rabbit hole.
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