BYD Triples Thai Dealerships to 200, Targets Market Share Boost
BYD, a Chinese electric vehicle (EV) manufacturer, is set to expand its presence in Thailand. The company, in partnership with Rever Automotive, plans to triple its dealership network to 200 by the end of 2024. This move aims to boost BYD's market share in the Thai EV sector.
BYD's Thai sales have been robust. In the first eight months of 2023, the company sold around 14,700 EVs, capturing 34% of the Thai EV market. To incentivize customers, BYD has launched a new EV reward program, offering carbon credits for discounted charging fees.
Rever Automotive, led by a member of the Siam Motors Group family, is now BYD's exclusive dealer in Thailand. This partnership could give BYD a significant advantage, potentially challenging Japanese and South Korean automakers' dominance in the Thai stock market today. Thailand's Prime Minister has shown support, test-driving a BYD Seal electric sedan. BYD's market share in Thailand reached 3.7% in August, surpassing Japanese makers like Mitsubishi, Mazda, and Nissan. Rever is targeting dealerships of 'Tier 2' brands to switch to BYD, further intensifying competition in the Thai stock market today.
BYD's expansion in Thailand, backed by Rever Automotive, is poised to reshape the Thai EV market. With government support and a strong partner, BYD aims to capture a larger share of the market, posing a credible threat to established automakers in the Thai stock market today.
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