CHINA'S BYD INAUGURATES FIRST PLANT IN THAILAND AS IT EXPANDS REACH INTO SOUTHEAST ASIA

Chinese automaker BYD inaugurated its first electric vehicle plant in Thailand on Thursday, part of the company's push into Southeast Asia while it also tackles wealthier markets in the U.S. and Europe.

The factory's opening comes on the same day that the European Union is expected to begin imposing higher tariffs on EVs made in China due to concerns over competition from the cheaper-priced imports.

In the U.S., the Biden administration also is raising tariffs on Chinese EVs to 100% from the current 25%. The U.S. currently imports very few Chinese cars, but like the European Commission, it worries that subsidies hurt domestic companies and cost jobs.