BYD invests more in Thailand despite recent backlash
Chinese automaker BYD is investing more in Thailand despite receiving backpack over price cuts. Thailand is BYD’s largest market outside of China, and the automaker seems keen to maintain its status as an electric vehicle (EV) market leader in the country.
According to Reuters, BYD recently acquired a 20% stake in Rever Automotive, a local distributor in Thailand. Rever Automotive has more than 100 showrooms in Thailand. It started selling BYD vehicles in 2022.
“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.
At the end of Q1 2024, BYD held a 46% share of Thailand’s EV market. Its investment in Rever Automotive might help BYD increase its EV market share in Thailand.
BYD recently faced some backlash from customers in Thailand for its price cuts. The Chinese automaker rolled out some alarming discounts in Thailand for some vehicle offerings. BYD’s discounts in Thailand ranged from 100,000 baht to 340,000 baht for electric vehicles.
In April 2024, BYD offered customers a lower discount of 40,090 baht for the Dolphin electric vehicle. The customers were told that April 30 would be the last day to receive the discount. Then, in mid-June, BYD offered freebies and discounts ranging from 140,000 to 160,000 baht for the Dolphin, frustrating buyers who bought the model earlier in the year.
Then, on July 1, BYD reduced the price of its new ATTO 3 EV, which includes up to four models. The Chinese automaker claimed discounts were offered to celebrate BYD’s first car production facility in Thailand. BYD rolled out price cuts as high as 340,000 baht for ATTO 3 EV models.
The Chinese automaker’s price cuts and discounts prompted the Minister to the Prime Minister’s Office, Jirapon Sinthuprai, to order the Office of the Consumer Protection Board (OCPB) to investigate BYD.
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Source: https://www.teslarati.com/byd-thailand-investment-price-cut-backlash/
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