The sole Thai distributor of BYD, the world’s biggest electric vehicle maker, plans to triple its dealerships in Thailand over the next two years.
- BYD, the world’s top electric vehicle maker, is set to triple its dealerships in Thailand, solidifying its dominance in the country’s fast-growing EV market.
- Thailand remains BYD’s largest overseas market, with plans to invest $504 million in a new factory and expand commercial vehicle offerings alongside passenger cars.
- Rever Automotive, the Thai distributor of BYD, aims to capture a significant share of the commercial vehicle market in Thailand using BYD technology and models, while also expanding its range of passenger cars.
BYD has become the top EV maker globally, surpassing Tesla, and is now focusing on markets where Tesla is not a major vendor. In Thailand, BYD holds a 40% market share and is set to expand its commercial vehicle offerings and enter new passenger car segments.
The company is also investing in a factory in Thailand and aims to capture a significant portion of the commercial vehicle market, including taxis and delivery vans.
Thailand’s fast-growing EV market, supported by government subsidies and policies, is attracting significant investments from Chinese auto companies, with BYD outperforming other automakers in the region.
Thailand aims to produce Zero Emission Vehicles (ZEVs) to account for at least 30% of the total motor vehicle production by the year 2030, which would amount to 725,000 cars and 675,000 motorcycles.
The EV Board has approved the second phase of EV Package, known as EV 3.5, for 4 years (2024-2027) to promote EV industry’s continuous growth and to facilitate investment opportunities in EV manufacturing in Thailand for new players.
Overall, Thailand’s renewed investment in its EV hub push demonstrates the country’s commitment to sustainable development, economic growth, and environmental stewardship. Thailand is investing $970 million to establish itself as a major production hub for electric vehicles (EVs). As part of this initiative, foreign EV manufacturers will receive incentives such as reduced import duties and a lower excise tax rate. In return, these companies will be required to manufacture EVs locally in Thailand by 2027.
