RAYONG, Thailand, July 4 Reuters China39;s BYD opened an electric vehicle plant in Thailand on Thursday, the automaker39;s first factory in Southeast Asia, a fastgrowing regional EV market where it has become the dominant player.

Thailand has a clear EV vision and is entering a new era of auto manufacturing, BYD CEO and President Wang Chuanfu said at the opening ceremony. We will bring technology from China to Thailand.

The BYD plant is part of a wave of investment worth more than 1.44 billion from Chinese EV makers who are setting up factories in Thailand, helped by government subsidies and tax incentives.

Hong Konglisted shares of BYD , the world39;s largest EV maker, climbed 1.6 to HK235, after hitting their highest levels in a week.

Thailand is a regional auto assembly and export hub, and has long been dominated by Japanese car makers such as Toyota Motor, Honda Motor Co and Isuzu Motors.

By 2030, the country aims to convert 30 of its annual production of 2.5 million vehicles into EVs, according to a government plan.

BYD is using Thailand as a production hub for export to ASEAN and many other countries, said Narit Therdsteerasukdi, secretarygeneral of Thailand39;s Board of Investment, referring to the 10nation Southeast Asian bloc.

As part of its expansion outside China, BYD is building its first European production base in Hungary.

Set to launch operations in three years, the BYD facility will produce EVs and plugin hybrids for the European market, where…