Chinese electric vehicle manufacturer BYD has announced its acquisition of a 20% stake in Rever Automotive, its local distributor in Thailand. Thailand serves as BYD’s largest market outside of China, where the company holds a dominant position in the EV market.
Recently, BYD inaugurated its inaugural Southeast Asia factory in Rayong, representing a significant investment of $490 million. The plant is poised to achieve an annual production capacity of 150,000 vehicles and will provide employment for 10,000 individuals.
Rever Automotive, boasting a network of over 100 showrooms across Thailand, commenced the sale of BYD vehicles in 2022, swiftly becoming the leading EV brand in the country.
Liu Xueliang, BYD’s Asia-Pacific auto sales general manager, expressed excitement about strengthening the collaboration to expedite electric vehicle adoption and support Thailand’s shift towards a sustainable future.
In the first quarter of 2024, BYD commanded a substantial 46% share of the EV market in Thailand and has ascended to become the third-largest player in the overall passenger car segment, as reported by research firm Counterpoint.
Despite the acquisition, Rever Automotive has been confronted with complaints from dissatisfied EV buyers, leading to an investigation by the Consumer Protection Board. Prime Minister Srettha Thavisin also intervened, urging BYD to ensure consumer protection and establish fair pricing policies.
The Consumer Protection Board disclosed that they received around 70 grievances from individuals who felt pressured by dealers to make immediate purchases under the guise of discount promotions, only to witness further price reductions later on, resulting in widespread dissatisfaction among buyers.
During his visit to Thailand for the factory inauguration, BYD’s chief executive Wang Chuanfu reassured the prime minister of the company’s commitment to addressing pricing concerns and supporting affected customers in a suitable manner.
