BYD Deepens Thailand Market Presence with Rever Automotive Acquisition
Shenzhen-based automaker BYD has acquired a 20% stake in its Thai distributor, Rever Automotive, solidifying its position in the country’s rapidly growing electric vehicle (EV) market. This strategic move comes as BYD opens its first Southeast Asian factory in Thailand, further emphasizing its commitment to the region.
The acquisition marks a significant milestone for BYD, which has witnessed impressive success in Thailand. Rever Automotive, boasting over 100 showrooms across the country, launched the sale of BYD vehicles in 2022, contributing to BYD’s rise as Thailand’s top-selling EV brand.
“We are thrilled to deepen our partnership to accelerate the adoption of electric vehicles and contribute to Thailand’s transition towards a more sustainable future,” said Liu Xueliang, BYD’s Asia-Pacific auto sales general manager.
BYD’s new factory in Thailand, costing $490 million, is set to manufacture 150,000 vehicles annually and employ 10,000 workers. The facility will serve as a regional hub for BYD, fueling its expansion in Southeast Asia.
The acquisition comes amidst a government investigation into Rever Automotive regarding steep discounts offered to customers. While this investigation may pose challenges, BYD remains confident in its partnership and the future of its Thai operations.
BYD’s foray into Thailand has been met with success, as the company currently commands a 46% share of the country’s EV segment, making it the third-largest player in the passenger car market. The acquisition of Rever Automotive is expected to further strengthen BYD’s position, enabling the company to capture a larger share of Thailand’s burgeoning EV market.