China’s BYD acquires 20% stake in Thai distributor Rever Automotive

The companies stated Saturday that China’s BYD will acquire a 20% stake in its local distributor, Rever Automotive, in Thailand.

Thailand is BYD’s biggest market outside of China, where it is the leader in the ev market.

China’s leading electric vehicle (EV) manufacturer, BYD\, has announced its acquisition of a 20% stake in its local distributor, Rever Automotive, in Thailand.

This move strengthens BYD’s presence in its largest market outside of China, where it already holds a dominant position in the EV market.

Expansion in Southeast Asia

This week, BYD inaugurated its first factory in Southeast Asia, located in Thailand. The $490 million facility boasts an annual manufacturing capacity of 150,000 vehicles and will employ 10,000 workers. This strategic investment underscores BYD’s commitment to expanding its footprint in the region.

Successful Partnership with Rever Automotive

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Rever Automotive, which launched the sale of BYD vehicles in Thailand in 2022, has significantly contributed to BYD’s success in the country. With over 100 showrooms, Rever helped BYD become Thailand’s top-selling EV brand.

Liu Xueliang, BYD’s Asia-Pacific auto sales general manager, expressed excitement about deepening the partnership to further accelerate the adoption of electric vehicles in Thailand and support the country’s sustainable transition.

Challenges and Market Position

Thailand, a major auto assembly and export hub, has traditionally been dominated by Japanese automakers like Toyota Motor, Honda Motor Co, and Isuzu Motors. However, BYD has made significant inroads into this market.

In the first quarter of 2024, BYD captured a 46% share of Thailand’s EV segment, making it the third-largest player in the passenger car market, according to research firm Counterpoint.

Despite its success, Rever Automotive is currently under government investigation due to complaints from past customers who felt they overpaid for their cars after the company offered steep discounts.

Future Prospects

BYD’s investment in Rever Automotive and the establishment of a manufacturing base in Thailand are pivotal steps in solidifying its market leadership and expanding its influence in Southeast Asia.

This strategic partnership aims to drive the adoption of EVs in Thailand, contributing to a more sustainable future for the country’s automotive industry.