BRIEF: BYD to build NEV factory in Azerbaijan

New energy vehicle (NEV) maker BYD (1211.HK, 002594.SZ) has signed an agreement with Azerbaijan to produce electric buses in the Central Asian nation, further expanding its presence in the global EV market.

According to the agreement, BYD will establish an advanced commercial vehicle manufacturing facility in Azerbaijan’s Sumgait Industrial Park, which is expected to produce about 200 electric buses annually from 2025 to 2028, according to a report in the CnEVPost. The agreement was signed during the 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change (UNFCCC) in Baku, Azerbaijan.

In July, BYD announced it had secured an order for 160 of its 12-meter K9UD electric buses as part of the Azerbaijani government’s electric bus procurement plan and had completed deliveries on the eve of the COP29 meeting.

Last month, BYD sold 502,657 NEVs, up 66% year-on-year and a record for the company. During the same period, its overseas sales of new energy passenger vehicles totaled 31,192 units, including 28,012 exports.

By Lee Shih Ta

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