Warren Buffett-Backed EV Maker BYD To Make EVs In Vietnam: Report

BYD Co, Ltd (OTC:BYDDY) plans to produce electric vehicles in Vietnam with the government's backing.
On May 5, the Chinese EV maker's Chairman and founder, Wang Chuanfu met with Vietnam's Deputy Premier Tran Hong Ha to discuss the course of action, reported Bloomberg.
Wang expects the Southeast Asian nation to pave the way for easy completion of investment procedures so that BYD can begin making EVs as soon as possible.
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The company plans to form a local supply chain, and the EVs made will be sold locally and in other parts of Southeast Asia.
BYD sold 210,295 vehicles in April, about two times the number from last year, with most of its sales coming from China.
The EV maker is building its first overseas production facility in Thailand.
Also Read: Warren Buffett-Backed BYD's Latest Hatchback EV Is Cheaper Than A Comparable Gas-Powered Car
Price Action: BYDDY shares closed higher by 0.33% at $60.40 on Friday.