China’s BYD announced on Saturday its acquisition of a 20% stake in its local distributor Rever Automotive in Thailand, its largest market outside of China. The Shenzhen-based automaker also opened its first Southeast Asian factory in Thailand this week, a $490 million facility with an annual manufacturing capacity of 150,000 vehicles and 10,000 employees.
Rever Automotive, with over 100 showrooms in Thailand, began selling BYD vehicles in 2022, quickly making BYD the country’s top-selling EV brand. “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.
In Q1 2024, BYD held a 46% share of Thailand’s EV market, becoming the third-largest player in passenger cars. This acquisition comes amid a government investigation into Rever over steep discounts, causing some customers to feel they overpaid.