Chinese electric vehicle maker BYD has indeed slowed down its plans to build an EV factory in Vietnam. This decision was announced during a shareholders meeting.

The factory was planned to be built in the northern Vietnamese province of Phu Tho, where BYD already has a plant that produces tablets for Apple. However, due to changes in strategy and a slowdown in the electric vehicle market, BYD has decided to delay the start of construction.

Luong Thanh Tung, the Vice Chairman of Gelex Group, which runs the industrial park where BYD would build the new factory, mentioned that after lengthy negotiations, BYD had agreed to reserve 100 hectares of commercial land at the Phu Ha industrial park to build an electric vehicle factory. But after delays, the two sides are now seeking a suitable time to start the project.

It's important to note that BYD has not made any formal announcement about the possible factory. The Vietnamese government's announcement about BYD's investment plans followed a visit to the country by BYD head Wang Chuanfu in May. The statement did not indicate a starting date or the size of the investment for the project.

BYD is also building an EV factory in Thailand and plans to build EV facilities in Indonesia. Last year, it sold globally over 3 million electric vehicles, including battery EVs and plug-in hybrids.