© Reuters. FILE PHOTO: The BYD logo is pictures on its Qin EV300 model during the Auto China 2016 auto show in Beijing, China April 26, 2016. REUTERS/Kim Kyung-Hoon/File Photo

BANGKOK (Reuters) – Chinese electric vehicle (EV) maker BYD on Thursday announced it would set up a facility in Thailand to start producing 150,000 passenger cars a year from 2024.

BYD announced in a joint statement with Thai industrial developer WHA Group that a purchase agreement had been signed for 96 hectares (237 acres) of land in the eastern province of Rayong for the plant.

The 17.9 billion baht ($491 million) project to produce EVs was approved by Thailand’s Board of Investment last month.

China’s biggest manufacturer of EVs aims to sell 10,000 units in Thailand and export to Southeast Asian and European countries.

Its factory in Thailand will be its latest among more than 30 other in the United States, Brazil, and India.

Thailand is a regional autos production and export base for the world’s top carmakers, including Toyota and Honda and has recently offered incentives including tax breaks and subsidies to attract EV makers.