BYD, a Chinese electric vehicle maker, has acquired a 20% stake in its Thai distributor, Rever Automotive. This move strengthens BYD’s presence in Thailand, which is its largest market outside of China and where it is the leading EV brand.
Rever Automotive is the authorized distributor of BYD electric vehicles (EVs) in Thailand. They have over 100 showrooms across the country and have played a crucial role in making BYD the top-selling EV brand in Thailand.
BYD held a 46% share of Thailand’s EV market in Q1 2024 and is the third-largest player in passenger cars overall.
Rever Automotive is currently facing a government investigation over pricing practices, with some customers complaining about steep discounts that made them feel they overpaid for their cars.
Rever Automotive:
Rever Automotive is a key player in Thailand’s EV market and is well-positioned for continued growth due to its strong partnership with BYD and the increasing demand for electric vehicles in the country. However, the ongoing investigation could pose a challenge for the company.
This acquisition is significant for BYD as it solidifies its position in the growing Thai EV market. It also demonstrates the company’s commitment to expanding its global footprint and promoting sustainable transportation solutions.