RAYONG, Thailand (Reuters) – China’s BYD opened its first electric vehicle plant in Thailand on Thursday, the auto maker’s first in Southeast Asia.

“BYD is using Thailand as a production hub for export to ASEAN and many other countries,” Narit Therdsteerasukdi, Secretary General of Thailand’s Board of Investment said at the opening ceremony, referring to the 10-nation Southeast Asian bloc.

The facility, announced two years ago, is worth $490 million and will have a production capacity of 150,000 vehicles per year.

The factory is located in an industrial estate in Thailand’s eastern Rayong province.

(Reporting by Chayut Setboonsarng, Editing by Devjyot Ghoshal)