BYD is about to open another massive EV plant overseas with 150,000 vehicle capacity
The world’s largest electric vehicle maker is becoming a force in the global auto market. BYD confirmed it’s on track to open another massive EV plant overseas by the end of 2025. The new facility in Indonesia will be able to produce 150,000 vehicles a year as BYD expands its overseas manufacturing footprint.
After selling a record over 4.27 million new energy vehicles (NEVs) last year, BYD is turning up the pressure in 2025.
Tesla topped BYD by about 25,000 units last year for the global EV sales crown. However, in terms of production, China’s leader sneaked past Tesla by about 4,500 vehicles to claim the title of “World’s largest EV maker” for 2024.
As a new wave of homegrown EVs arrives in China, BYD is focusing on overseas markets to drive growth in 2025.
After opening its first EV plant in Thailand last year, BYD confirmed another overseas manufacturing facility is on track to open by the end of the year. In a new interview with Reuters, Eagles Zhao, BYD’s president director in Indonesia, said the company is aiming to finish the $1 billion manufacturing plant in the region by the end of 2025.
“Every single progression of our local manufacturing is quite smooth and also on the track. We will keep our commitment, which is by end-2025,” Zhao said.
BYD to open new overseas EV plant in Indonesia in 2025
According to Zhao, BYD plans to use the new EV plant for exports as it aggressively expands into overseas markets.
Like its plant in Thailand, the new overseas facility will have a production capacity of 150,000 vehicles. Because of the $1 billion investment, BYD has been temporarily allowed to ship cars into Indonesia without an important tax.
The move is part of Indonesia’s goal to build 600,000 EVs domestically by 2030. Like other Southeast Asian countries, Indonesia is introducing new policies to attract foreign investments and take advantage of the market’s shift to EVs.
BYD is already the leading EV maker in Indonesia, accounting for over a third (36%) of the market. According to the auto association, the EV giant sold nearly 15,500 vehicles last year, its first full sales year.
The company already sells several popular models in Indonesia, including the Seal, Atto 3, and Dolphin. Last summer, it launched its first electric multi-purpose vehicle (MPV), the M6. BYD said the M6 was already its best-selling vehicle last year. This week, BYD is introducing its luxury Denza brand.
According to Zhao, BYD will launch more vehicles in the region this year but didn’t say what models or how many to expect.
Once construction is complete, Zhao expects production to begin shortly after. With new models arriving, BYD expects “rapid” sales growth in Indonesia this year.
Electrek’s Take
BYD’s rapid rise in the global auto market is already causing legacy automakers to scramble. For example, Japan’s Honda and Nissan are now teaming up as they struggle to keep pace with BYD and other Chinese EV makers.
Japanese car brands like Toyota and Honda have historically dominated Southeast Asia. Once representing over 90% of the market, Japanese automakers have watched their share of the “Detroit of Asia,” or Thailand, fall to just 76% over the past two years.
In fact, BYD sold more electric cars in Japan last year than Toyota, and 2024 was BYD’s first full sales year in Toyota’s home market.
BYD is quickly expanding the brand globally with new plants opening in Mexico, Brazil, Hungary, Turkey, and Pakistan.
Although BYD is best known for low-cost EVs like the Seagull and Dolphin, it is launching new models in just about every segment, including pickup trucks, smart SUVs, luxury models, and electric supercars.
One thing is for certain: BYD will continue to be a name to watch in 2025 as the company looks to maintain its impressive global sales run.
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Environment
Chime prices IPO at $27 per share, valuing fintech company at $11.6 billion ahead of Nasdaq debut
Chime Visa Credit Card
Source: Chime
Chime priced its IPO at $27 per share on Wednesday, above the expected range, in an offering that values the provider of online banking services at $11.6 billion
The company raised roughly $700 million in the IPO, with another $165 million worth of shares being sold by existing investors. The stock is expected to begin trading Thursday under ticker symbol CHYM.
The offering comes after a years-long freeze in the fintech IPO pipeline, as rising interest rates and valuation resets kept many late-stage companies on the sidelines. The market has started to loosen. Trading platform eToro jumped 29% in its Nasdaq debut last month, and crypto company Circle popped after hitting the market last week.
Online lender Klarna, meanwhile, has delayed its IPO plans and last month reported steep quarterly losses.
Chime’s decision to go public — even after a steep cut from its last private valuation of $25 billion — marks a major test of investor appetite for consumer-facing finance companies. SoftBank, Tiger Global, and Sequoia all invested in the 2021 round at Chime’s private market peak.
The company’s top institutional shareholders are DST Global and Crosslink Capital, which owned 17% and 9.5%, respectively, of shares before the offering.
Chime’s core business — offering no-fee banking services, debit cards, and early paycheck access — draws most of its revenue from interchange fees. The company competes in various areas with fintech incumbents PayPal, Square and SoFi.
Revenue in the latest quarter climbed 32% from a year earlier to $518.7 million. Net income narrowed to $12.9 million from $15.9 million a year ago.
Morgan Stanley, Goldman Sachs and JPMorgan Chase are leading the IPO.
WATCH: Chime files to go public
AES just completed the first half of Bellefield, which will become the largest solar + storage facility in the US.
The 1,000-megawatt (MW) Bellefield 1 project in Kern County, California, includes 500 MW of solar and 500 MW of four-hour battery storage, all under a 15-year contract with Amazon. When the full 2,000 MW Bellefield project is done, it will be the biggest solar-plus-storage installation in the country.
“Completing the first 1,000 MW of Bellefield demonstrates how rapidly solar and storage can be deployed to meet the growing energy demand of data centers,” said AES CEO Andrés Gluski.
AES has locked in deals with “major global hyperscalers” – think tech giants like Amazon and Meta – for more than 10 gigawatts of clean power. Bellefield is a big part of that.
To speed up the build and make it safer, AES used its own robot helper, Maximo. This AI-powered robotic system helped crews install solar panels faster and with more precision.
Once the full 2 GW project is online, Bellefield will generate enough electricity to power the equivalent of around 467,000 homes annually. It’s expected to prevent more than 1 million metric tons of CO2 emissions annually and boost air quality in the region.
Construction of Bellefield 1 created more than 700 union jobs, and AES says Bellefield 2, which is expected to wrap in 2026, will create around 1,000 union jobs at peak.
AES says it will start recognizing revenue from Bellefield 1 later this year, right on schedule.
Read more: $14B in EV, renewable projects scrapped as tax credit fears grow
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Kia’s first electric sedan is already being called “a box office hit.” In just its second month on the market, the Kia EV4 was the best-selling domestic electric sedan in Korea.
Kia EV4 is Korea’s best-selling domestic electric sedan
After launching sales in Korea in April, Kia sold just 831 EV4 models in its first month. Local reports attributed the “limited deliveries” in April to delivery delays and issues with subsidies.
Kia expected sales to rebound quickly after government subsidies resumed, and it appears that the issues are being resolved.
In May, Kia EV4 sales reached 1,373 in Korea, making it the best-selling domestic electric sedan. Hyundai’s IONIQ 6 also saw higher demand, with sales up 100% from last May to 754 units.
With the IONIQ 6 refresh set to launch later this year, Hyundai is offering up to over $6,500 (9 million won) in discounts on the current model. Hyundai and Kia are dealing with an influx of new electric sedans with aggressive discounts from EV makers like BYD.
One industry insider called the Kia EV4 a “box office hit,” but it still has some time to earn that title. With a starting price of about $30,000 (41.92 million won), the EV4 is one of the most affordable models in its class.
It’s even cheaper than BYD’s Seal electric sedan, which launched in Korea in April, starting at 47.5 million won ($35,000).
The EV4 is available with two battery sizes: 58.3 kWh and 81.4 kWh, offering driving ranges of 382 km (237 miles) and 533 km (331 miles) in Korea, respectively.
Kia’s electric sedan can recharge from 10% to 80% in just under 30 minutes. The extended-range battery takes about 31 minutes to recharge.
Inside, you’ll find a similar setup to the brand’s other new EV models. The setup includes Kia’s new ccNC infotainment with nearly 30″ of combined display, including dual 12.3″ navigation and driver display screens, plus a 5″ climate control screen.
| Kia EV4 Trim | Starting Price |
| Kia EV4 Standard Air | 41.92 million won ($28,900) |
| Kia EV4 Standard Earth | 46.69 million won ($32,000) |
| Kia EV4 Standard GT-Line | 47.83 million won ($32,900) |
| Kia EV4 Long Range Air | 46.29 million won ($31,800) |
| Kia EV4 Long Range Earth | 51.04 million won ($35,000) |
| Kia EV4 Long Range GT-Line | 51.04 million won ($35,900) |
The real test will come later this year when Kia launches the EV4 in Europe, followed by the US in 2026. In the US, it will be available with the same 58.3 kWh and 81.4 kWh battery packs, offering ranges of up to 235 miles and 330 miles, respectively. On the WLTP scale, it’s rated with a range of up to 391 miles.
The EV4 will also feature a built-in NACS port in the US, enabling access to Tesla’s extensive Supercharger network.
Kia revealed plans to sell 165,000 EV4s a year globally, including 80,000 in Europe, 50,000 in the US, and 25,000 in Korea.
We will learn official prices closer to its launch, but the EV4 is expected to start at around $35,000 to $40,000 when it arrives in the US.
Source: Newsis, Kia
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