BYD Acquires 20% Stake in Thai Distributor Rever Automotive

China’s electric vehicle (EV) leader, BYD, is acquiring a 20% stake in its local distributor, Rever Automotive, in Thailand. This move solidifies its position in its largest market outside of China.

BYD recently inaugurated its first Southeast Asian factory in Thailand, with a $490 million investment. The factory boasts an annual capacity of 150,000 vehicles and will employ 10,000 workers.

Partnership and Market Leadership:

Rever Automotive, which operates over 100 showrooms in Thailand, began selling BYD vehicles in 2022. Since then, BYD has quickly risen to become the top-selling EV brand in the country.

Liu Xueliang, BYD’s Asia-Pacific auto sales general manager, expressed excitement about the partnership’s potential to accelerate EV adoption and support Thailand’s sustainability goals.

Dominance in a Competitive Market:

Thailand, a significant regional auto assembly and export hub traditionally dominated by Japanese carmakers like Toyota, Honda, and Isuzu, has seen a surge in BYD’s market share.

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

Challenges and Opportunities:

The acquisition coincides with Rever facing a government investigation over substantial discounts that have left some previous customers feeling they overpaid for their vehicles.

Despite this, the partnership aims to further enhance BYD’s market presence and support Thailand’s transition to electric mobility.