BYD Acquires 20% Of Rever Automotive; Opens New Factory In Thailand

On Saturday, China's leading electric vehicle (EV) manufacturer, BYD, announced its acquisition of a 20 per cent stake in its Thai distributor, Rever Automotive. This move underscores BYD's commitment to solidifying its presence in Thailand, its largest market outside China.

BYD, headquartered in Shenzhen, has significantly increased its footprint in Southeast Asia, opening its first factory in Thailand this week. The $490 million facility boasts an annual manufacturing capacity of 150,000 vehicles and will employ 10,000 workers. This strategic investment aims to meet the rising demand for EVs in Thailand and support the country's transition towards sustainable transportation.

Rever Automotive, which began selling BYD vehicles in 2022, has rapidly propelled the brand to the top of Thailand's EV market. With over 100 showrooms nationwide, Rever has been instrumental in BYD achieving a dominant 46 per cent share of Thailand's EV segment in the first quarter of 2024, according to Counterpoint, a research firm. This makes BYD the third-largest player in the overall passenger car market in Thailand.

Thailand, a key regional auto assembly and export hub, has long been dominated by Japanese automakers such as Toyota, Honda, and Isuzu. However, BYD's aggressive expansion and substantial market share signal a shift in the automotive landscape, with EVs gaining significant traction.

Despite the positive market developments, Rever Automotive is currently under government investigation over allegations of steep discounts, which have left some past customers feeling they overpaid for their vehicles. This controversy presents a potential challenge for the dealer and BYD's market perception in Thailand.

The acquisition is part of BYD's broader strategy to enhance its international presence and capitalise on the growing global demand for electric vehicles. As Thailand continues to embrace EVs, BYD's strengthened partnership with Rever positions it well to lead the market and contribute to the country's sustainable automotive future.