The Philippines could become home to BYD’s new plant in the ASEAN region

According to a Bloomberg report, the Chinese company, BYD, is looking to set up a plant in the South East Asian region, with Vietnam, Indonesia, and the Philippines all being considered prime candidates to host the world’s second-largest maker of electric vehicles, at least according to a top Philippine trade and investment official. 

The venture looks like it’s swinging in the Philippines’ favor, as the Chinese brand is in an “advanced stage of discussions” with the Philippines, Bloomberg reported. Representatives from BYD have already scouted the country for possible sites to set up the factory. According to the source, the company could decide on the final site of the plant in the second quarter of this year. 

While that’s soon to be ongoing for the Philippines, meanwhile in Thailand, BYD’s already set up to build its first factory in the neighboring ASEAN country. BYD’s still exploring whether the new site will be a full-blown assembly plant or a final-assembly facility, with the latter being able to simply put all the parts together to make a car. 

As for the other two ASEAN nations currently engaged in talks with the Chinese brand, Indonesia is offering the brand tax holidays and other incentives for BYD to consider them. 

The other reasoning as to why the Philippines is being considered as a potential investment for the near future is the large nickel reserves that the country is sitting on. Nickel is a key ingredient in the making of batteries, and according to the source, it along with Indonesia accounts for almost half the world’s nickel reserves. 

With the rise of electric vehicles and the growing demand for EV battery raw materials and other metals in the global market,