China’s BYD announced on Saturday that it will buy out 20% of its local distributor, Rever Automotive, in Thailand, its largest market outside of China, where it leads the electric vehicle market.
This week, the automaker with its headquarters in Shenzhen built its first facility in Thailand. The $490 million plant will employ 10,000 people and be able to produce 150,000 cars annually.
With more than 100 dealerships across Thailand, Rever Automotive began selling BYD cars in 2022, and the company quickly rose to the top of the EV sales charts in that nation.
Liu Xueliang, general manager of BYD’s car sales in Asia-Pacific, said,
“We are excited to strengthen our partnership to accelerate the adoption of electric vehicles and contribute to Thailand’s transition towards a more sustainable future.”
Laptops 1000As a hub for regional vehicle assembly and export, Thailand has long been the domain of Japanese automakers, including Isuzu Motors, Toyota Motor, and Honda Motor Co.
Research Company Counterpoint states that BYD is the third-largest competitor in the passenger car market and has a 46% share of Thailand’s EV market in the first quarter of 2024.
The purchase coincides with a government probe against Rever over hefty discounts that caused some former clients to believe they paid too much for their vehicles.
