Bangkok, July 6, 2024 – Chinese automaker BYD is strengthening its position in the Thai market by acquiring a 20% stake in Rever Automotive, its largest distributor in the country. The investment comes as BYD opens its first Southeast Asian plant in Thailand and plans to accelerate the adoption of electric vehicles in the region.
Rever Automotive operates over 100 showrooms in Thailand and has become the leader in BYD EV sales since 2022. The acquisition will strengthen the partnership between the two companies and allow them to more effectively coordinate marketing and distribution strategies.
“We are excited to deepen our partnership with Rever Automotive,” said Liu Xueliang, BYD’s Asia-Pacific sales chief. “Together, we will accelerate the adoption of EVs in Thailand and contribute to the country’s transition to a more sustainable future.”
BYD’s new plant in Thailand has an annual production capacity of 150,000 vehicles and will employ 10,000 people. The investment in Rever Automotive is another step in BYD’s strategy to become a global leader in electromobility.
In the first quarter of 2024, BYD had a 46% share of the Thai EV market, making it the third-largest player in the passenger car market. The company expects its market share in Thailand to further increase thanks to the acquisition of Rever Automotive and the opening of the new plant.
Key points:
- BYD acquires a 20% stake in Thai distributor Rever Automotive.
- The investment will strengthen the partnership between the two companies and accelerate the adoption of EVs in Thailand.
- BYD opens its first Southeast Asian plant in Thailand.
- The company has ambitions to become a global leader in electromobility.
