7-7-2024 (BANGKOK) In a strategic move that solidifies its position in Thailand’s burgeoning electric vehicle (EV) market, Chinese automotive powerhouse BYD has announced its acquisition of a 20 percent stake in Rever Automotive, its local distributor in the country. This development comes on the heels of BYD’s inauguration of its first factory in Southeast Asia, a $490 million (S$661 million) facility located in Thailand, further cementing the nation’s status as a regional automotive hub.
The acquisition of the substantial stake in Rever Automotive, which boasts an extensive network of over 100 showrooms across Thailand, signals BYD’s long-term commitment to the Thai market, where it has swiftly risen to become the top-selling EV brand since launching sales in 2022. The deepening partnership between the two companies is poised to accelerate the adoption of electric vehicles in Thailand, aligning with the country’s transition towards a more sustainable future.
“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,” remarked Liu Xueliang, BYD’s Asia-Pacific auto sales general manager, underscoring the strategic significance of the move.
Thailand, a well-established regional auto assembly and export hub, has long been dominated by Japanese automotive giants such as Toyota Motor, Honda Motor Co., and Isuzu Motors. However, BYD’s meteoric rise in the Thai market has disrupted this traditional landscape, with the Chinese EV maker commanding an impressive 46 percent share of Thailand’s EV segment in the first quarter of 2024, according to research firm Counterpoint. Remarkably, BYD has also emerged as the third-largest player in the passenger car market, a remarkable feat for a relatively new entrant in the Thai automotive industry.
The Shenzhen-based automaker’s decision to establish its first factory in Southeast Asia in Thailand is a testament to the country’s strategic importance in BYD’s global expansion plans. With an annual manufacturing capacity of 150,000 vehicles and employing a workforce of 10,000, the state-of-the-art facility underscores BYD’s commitment to meeting the growing demand for electric vehicles in Thailand and the broader region.
Rever Automotive, BYD’s local partner, has played a pivotal role in the Chinese automaker’s rapid ascent in the Thai market. Through its extensive network of showrooms and dealerships, Rever Automotive has effectively introduced BYD’s range of electric vehicles to Thai consumers, capitalizing on the growing demand for sustainable transportation solutions.
