Chinese electric car manufacturer BYD Co. signed an agreement to acquire a 20% stake in the Thai official distributor of the company in Thailand, Rever Automotive Co. This is reported in a BYD press release.
The deal is part of an investment agreement between the two companies aimed at increasing competitiveness in the electric vehicle industry.
A few days ago, BYD opened a factory in Thailand's Rayong province two years after signing a contract to build the first production facility in Southeast Asia with a capacity of 150,000 vehicles per year. The $490 million plant will also produce key components, including batteries and transmissions.
BYD with the support of Berkshire Hathaway Inc. It is one of the large companies that have benefited from the tax benefits provided by the government Thailand as part of a program to advance to key positions in the electric vehicle manufacturing sector in Southeast Asia with a market share of at least 30% by 2030.
The deal is in line with BYD's strategy to expand its global presence in key markets, including Thailand, which plays an important role in the regional economy of the automotive industry.
BYD Co Ltd is a Chinese conglomerate that includes car manufacturer BYD Auto and battery and electronics manufacturer BYD Electronic. The headquarters is located in Shenzhen (China).
Rêver Automotive Co., Ltd. It is an official distributor of electric vehicles and has 100 car dealerships in Thailand. The company was founded in 2022.
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