Chinese EV maker BYD buys stake in Thailand distributor after opening local factory
- World’s top EV maker buys a 20 per cent stake in Rever Automotive as it invests in Southeast Asia amid higher tariffs in the US and Europe
The Shenzhen-based carmaker announced that it signed a pact with Rever Automotive on Saturday. It did not disclose the terms.
“Following the operation of the plant, our sales network [in Thailand] will be expanded accordingly,” the company said in a statement on Monday. “In future, our cooperation will not only involve passenger car sales, but [also] commercial vehicles.”
At present, BYD tops all other players in terms of EV sales in the Southeast Asian country. It delivered 5,578 electric cars in Thailand between January and March, according to the China Passenger Car Association. That translates to 46 per cent of the Thai EV market, data by research firm Counterpoint showed.
“The EV markets in Thailand and Southeast Asia are growing fast and they offer growth opportunities for Chinese companies like BYD,” said David Zhang, general secretary of the International Intelligent Vehicle Engineering Association. “As Chinese EV builders grapple with difficulties in increasing deliveries to the American and European markets, Southeast Asia, the Middle East and Africa will be targeted by them to quicken their go-global pace.”