Warren Buffett-Backed BYD's EV Assembly Plant Reportedly Sparks Race Among 3 Southeast Asian Countries

Three Southeast Asian countries are reportedly locking horns for Warren Buffett-backed BYD Co Ltd.‘s (OTC:BYDDF) (OTC:BYDDY) new electric vehicle assembly plant.

What happened: The Philippines, Vietnam and Indonesia are all eager to host BYD’s plant, reported Bloomberg.

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BYD is in advanced stage of discussions with the Philippines, which offers tax breaks and other incentives to EV and battery-makers, according to the report. The EV maker may confirm the site of plant in the second quarter of 2023, the report added.

Why is it important: BYD’s first Southeast Asian EV production facility is set to be in Thailand.

Meanwhile, BYD is also in talks with Indonesia for possible investment in an EV factory in the country, reported Bloomberg. Indonesia is offering a slew of benefits such as incentives and tax holidays to EV makers, encouraging them further to make investments in the country.

BYD is presently eyeing major global expansion, particularly in Southeast Asia.

Philippines and Indonesia pose great options for EVs and batteries with ample nickel reserves. In December, BYD in Malaysia forged a $113 million tie-up with Sime Darby Motors Sdn Bhd, which will be the automaker’s exclusive distributor.

Price action: BYD shares rose 4.1% to $29.38 on Thursday, according to data from Benzinga Pro.

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