Chinese electric vehicle giant BYD Co Ltd has strengthened its presence in Southeast Asia by acquiring a 20% stake in Thai auto dealer Rever Automotive, aiming to bolster its position in Thailand’s competitive automotive market.
The share purchase agreement, finalized on July 6, underscores BYD’s strategic move to enhance its market share in Thailand, according to a statement released today.
BYD formally entered Thailand’s passenger car market in collaboration with Rever in Bangkok last August.
Celebrating another milestone, BYD inaugurated its Thailand factory on July 4, where it rolled out its 8 millionth new energy vehicle (NEV) on the same day.
“With the launch of our Thailand facility, we are expanding our local sales network,” noted Liu Xueliang, General Manager of BYD’s Asia-Pacific auto sales division, during a ceremony on July 4.
Future plans include expanding production to include plug-in hybrid electric vehicle (PHEV) models like the Sea Lion 6 (Song Plus DM-i in China).
Rever Automotive, led by a member of the family that owns Thailand’s esteemed Siam Motors Group, has a legacy dating back to 1952, initially importing and selling Nissan vehicles.
