Robert Way
BYD (OTCPK:BYDDY) is set to acquire a 20% stake in Rever Automotive, its local distributor in Thailand, Reuters reported Saturday. The Southeast Asian country is the Shenzhen-based EV maker’s largest market outside China.
Rever Automotive boasts a showroom network of more than 100, and the company launched BYD (OTCPK:BYDDF) vehicles in 2022.
“We are thrilled to deepen our partnership to accelerate the adoption of electric vehicles and contribute to Thailand’s transition towards a more sustainable future,” remarked Liu Xueliang, BYD’s Asia-Pacific general manager for auto sales.
The transaction will consolidate BYD’s (OTCPK:BYDDF) already dominant market position in Thailand, where it opened its first factory in Southeast Asia just this week. Built at a cost of around $490M, the 10,000-worker facility can manufacture up to 150,000 vehicles per year.
According to technology research firm Counterpoint, BYD (OTCPK:BYDDF) claimed a 46% share of Thailand’s EV segment in the first quarter of this year and became the country’s third-leading player in the passenger car industry.