BYD, the leading EV brand in Thailand, faced backlash after slashing prices on its electric cars, sparking an investigation.
- BYD, the best-selling EV brand in Thailand, is facing investigation over drastic price cuts on its electric cars, leading to consumer backlash and complaints.
- Thailand aims for 30% of vehicle production to be EVs by 2030, and BYD is committed to the region, dominating the Thai auto market with a 46% share of the EV market.
- After selling a record number of new energy vehicles globally, BYD is set to complete its first EV plant in Thailand, aiming to meet the rising demand for EVs in the country and nearby regions.
Thailand is investigating BYD dealers after a complaint about aggressive discounting, with customers upset over price changes. The Prime Minister’s office instructed the consumer protection agency to probe the issue, sparked by a customer’s allegation that prices were cut further after being told they would rise. BYD officials and its distributor have not commented.
The price cuts led to a wave of grievances on social media, and concerns were raised about potential price rises post-campaign. BYD is set to complete its first EV plant in Thailand in 2024 to meet the rising demand for EVs in the country. This development comes after BYD achieved record sales of new energy vehicles globally.
Chinese electric vehicle (EV) maker BYD has opened its first factory in Southeast Asia in Thailand, aiming to take advantage of the fast-growing regional EV market. Thailand’s government subsidies and tax incentives have attracted more than $1.44 billion in investment from Chinese EV manufacturers. BYD plans to use Thailand as a production hub for exporting EVs to ASEAN and other countries. The new facility, with a production capacity of 150,000 vehicles per year, will also assemble batteries and other key components. This move is part of BYD’s global expansion, with plans to launch a production base in Hungary to serve the European market. Thailand is already BYD’s largest overseas market, where it holds a significant share of the EV segment.
