A Reuters report says the world’s largest maker of electrified vehicles has announced the plans via a joint statement with Thai industrial developer, WHA Group. The announcement details that BYD has agreed to purchase 96 hectares of land in Rayong, Thailand.

The 17.9 billion Baht (USD 491.49 million) project to produce EVs in the Kingdom was approved by Thailand’s Board of Investment last month. The manufactured units will be sold not just in Thailand, but will also be exported to other Southeast Asian and European countries.

One of the confirmed products to be produced at the new BYD Thai plant is the Atto 3 (lead photo), an all-electric compact SUV. BYD is also considering to expand its production there to include batteries and parts as well.

The Thai government wants electric vehicle production to reach about 700,000 by 2030, or 30 percent of total auto manufacturing. To do so, they have offered incentives including tax breaks and subsidies to attract EV makers.

Currently, Thailand is already considered the regional auto production base and includes the likes of Toyota and Honda as its locators.

BYD already has more than 30 other facilities worldwide including in the United States, Brazil, and India.