China's BYD (1211), will acquire a 20 percent stake in its local distributor Rever Automotive in Thailand, its largest market outside of China.
The Shenzhen-based automaker opened its first factory in Southeast Asia in Thailand last week. The US$490 million (HK$3.8 billion) factory will have an annual manufacturing capacity of 150,000 vehicles and employ 10,000 workers.
Rever Automotive, which has over 100 showrooms in Thailand, launched the sale of BYD vehicles in 2022 and BYD soon became the country's top-selling EV brand.
"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," said Liu Xueliang, BYD's Asia-Pacific auto sales general manager.
Thailand is a regional auto assembly and export hub and has long been dominated by Japanese carmakers.
Reuters
