Chinese electric car giant BYD plans to build a factory in Thailand

– BYD signed a contract Thursday to build a new energy vehicle factory in Thailand.

– The plant is BYD's first wholly owned passenger car factory outside China.

– The automaker is expanding quickly outside China with sales to Brazil, Norway and soon, Japan.

Chinese electric car and battery giant BYD is planning to open its first wholly invested passenger car factory outside China — in Thailand.

BYD signed a contract Thursday to buy land and build a factory for new energy passenger cars in an industrial park run by local giant WHA Group, according to press releases.

BYD said it announced in early August its official entry into Thailand's passenger car market.

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