Latest news with #Knocked
Yahoo
30-04-2025
- Automotive
- Yahoo
BYD breaks ground on assembly plant in Cambodia
Chinese electric vehicle manufacturer BYD has broken ground on a new assembly plant in Cambodia, marking an expansion of its production capabilities in Southeast Asia. The firm is investing around $32m for the initial phase of constructing a Completely Knocked Down (CKD) vehicle assembly facility, reported Phnom Penh Post. Spanning 12ha, the facility is located in the Sihanoukville Special Economic Zone. It will assemble both pure electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs). The facility is expected to commence production in November this year and will have an anticipated annual production capacity of 10,000 vehicles. The construction of the BYD assembly plant is expected to be completed by October. Chinese ambassador to Cambodia Wang Wenbin and first vice-president of the Council for the Development of Cambodia (CDC) Sun Chanthol were present at the groundbreaking event. Chanthol was quoted by the publication as saying: 'BYD's investment reflects the confidence foreign investors have in the Cambodian government, thanks to the smart and capable leadership across generations. Under the CDC's leadership, we continue to improve the business and investment environment through promoting investment laws, outreach abroad and simplifying related procedures.' Cambodia's EV sector is experiencing a small but rapid growth. Registrations of EVs soared to 2,253 units in 2024, an increase from the 313 recorded in 2023. The new plant in Cambodia represents BYD's second venture in Southeast Asia, following the establishment of a facility in Thailand in July 2024, which boasts an annual production capacity of 150,000 vehicles. Further expansion in the region includes BYD's plans to complete its $1bn Indonesian plant by the end of 2025, according to a January report of Reuters. BYD's Indonesia president director Eagle Zhao had stated that the plant's long-term strategy is focused on the export market. The Indonesia plant is being constructed at an industrial complex in Subang, West Java. It will have an annual production capacity of 150,000 EV units. This month, BYD reported a 100.4% year-on-year increase in net profit attributable to shareholders for the first quarter of the 2025 financial year. Its net profits reached 9.15bn yuan ($1.3bn). "BYD breaks ground on assembly plant in Cambodia" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Express Tribune
28-04-2025
- Automotive
- Express Tribune
Auto sector sees significant recovery
The auto sector's profitability is expected to face further obstacles due to the imposition of a 10% super tax. photo: file The local automobile sector witnessed a positive trajectory in the nine months of FY 2024-25, supported by macroeconomic stabilisation and easing of financial conditions. The auto industry is advocating for policy support to boost local manufacturing, enhance affordability, and increase localisation. Indus Motor Company (IMC) has reported a solid performance during the nine months ended March 31, 2025, with total sales of Completely Knocked Down (CKD) and Completely Built Up (CBU) units increasing by 57% to 21,890 units, up from 13,922 units in the corresponding period last year, the company announced on Monday. It attributed the surge to a recovery in consumer demand and the continued success of models like the Corolla Cross and Toyota Yaris, supported by timely feature enhancements and model updates. The net sales revenue rose to Rs145.53 billion, from Rs98.23 billion in the previous year's same period. The company's profit after tax increased considerably to Rs16.55 billion, as compared to Rs9.41 billion from the corresponding last year. This improvement reflects higher sales volume, stable input costs driven by a relatively favourable exchange rate, and effective cost management initiatives, including increased localisation. IMC CEO Ali Asghar Jamali said, "IMC has delivered a good performance in the nine months of FY24-25, due to a decrease in interest rates, increasing consumer confidence and stable foreign exchange rates. The ongoing trend reinforces the need for a policy review, particularly the rationalisation of depreciation allowances on used car imports, to ensure a level playing field for local assemblers and improve government revenue streams. IMC remains committed to innovation, customer satisfaction, and contributing to the sustainable growth of the country's automotive sector." He said used car imports still represent a significant portion (29%) of the local auto market by value in the current financial year.
