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BYD acquires 20% stake in Thai distributor Rever Automotive amidst price war

Shaun ยท Jul 9, 2024 06:58 PM

BYD acquires 20% stake in Thai distributor Rever Automotive amidst price war 01

BYD will acquire a 20% stake in its local distributor Rever Automotive in Thailand, its largest market outside of China. The share purchase agreement was signed by the two companies on 6-July to enhance their competitiveness in the Thai automotive industry, according to the company's statement.

Rever Automotive, which has over 100 showrooms across Thailand, began selling BYD cars in 2022. Since then, BYD has become the top-selling battery electric vehicle (BEV) brand in the country.

"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," said Liu Xueliang, BYD's Asia-Pacific auto sales general manager.

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BYD acquires 20% stake in Thai distributor Rever Automotive amidst price war 01

In the first quarter of 2024, BYD held a 46% share of Thailand's BEV segment and became the third-largest player in the passenger car market, according to research firm Counterpoint.

The acquisition of a stake in Rever comes amid a government investigation into the distributor over steep discounts, which have led to complaints from past customers who feel they overpaid for their cars.

However, the Trade Competition Commission of Thailand (TCCT) has announced that the recent price cuts do not violate trade competition laws but rather promote market competitiveness.

Also read: Thailand clears aggressive discounts by BYD - promotes competition and benefits consumers

BYD acquires 20% stake in Thai distributor Rever Automotive amidst price war 02

The company also inaugurated its first factory in Southeast Asia in Thailand recently. The facility is set to manufacture 150,000 vehicles annually and employ 10,000 workers. 

BYD did not disclose the plant's investment value but has previously proposed nine projects to Thailand's Board of Investment, seeking privileges for investments totaling over 35 billion baht (~RM 4.5 billion).

Also read: Thailand-made BYDs for Malaysia? BYD's first SEA plant can produce 150k cars per year plant, RHD export hub
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Shaun

Senior Writer

The quest for automotive knowledge began as soon as the earliest memories. Various sources information, even questionable ones, have been explored including video games, television, magazines, or even internet forums. Still stuck in that rabbit hole.

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