Following the official launch of BYD's Thailand factory a few days ago, BYD will acquire a 20% stake in Rever Automotive Co., its official distributor in Thailand.
Rever Automotive said in a statement late on July 6 that the move was part of a joint investment agreement between the two companies. Rever also added that the joint venture will enhance their competitiveness in Thailand’s electric vehicle industry.
Two years ago, BYD signed a land agreement to build its first production base in Southeast Asia. Recently, BYD's factory in Rayong, Thailand, officially started production. The factory will become BYD's production base for right-hand drive vehicles and will not only support sales within Thailand but also export to other Southeast Asian markets. BYD said the plant has an annual production capacity of up to 150,000 vehicles. At the same time, the factory will also produce key components such as batteries and gearboxes.
On July 5, BYD Chairman and CEO Wang Chuanfu met with Thai Prime Minister Srettha Thavisin, after which the two parties announced this new investment plan. The two sides also discussed BYD's recent price cuts for its models sold in Thailand, which sparked dissatisfaction among existing customers.
BYD was one of the first companies to take advantage of the Thai government's tax incentives. Thailand is a major automobile production country with a long history. The Thai government aims to build the country into an electric vehicle production center in Southeast Asia. It plans to increase domestic electric vehicle production to at least 30% of total automobile production by 2030, and has launched a plan to this end. A series of policy concessions and incentives.
Post time: Jul-11-2024