BYD succeeded in overtaking Tesla as the world's largest electric car maker in the fourth quarter of 2023, and the company's expansion in Thailand is a strong testament to its global strategy, and BYD took the lead due to Tesla's slow sales growth in the local electric car market in China.。

The timing comes as BYD's exclusive dealer in Thailand, Rever Automotive, revealed plans to expand its electric vehicle dealer network or triple the number of its dealerships in Thailand within two years, helping to cement the company's dominance in its largest overseas market.。

Rever Automotive is one of the industries owned by the Thai Phornprapha family, whose involvement in the automotive industry dates back to the mid-1950s, when the Phornprapha family became the country's first Nissan dealership.。Through the blessing of Siam Motors Group and a range of other businesses, the Phornprapha family has ascended to the throne of Thailand's most famous business family.。

Thailand's policy is good for Southeast Asian expansion

BYD sold a total of 3 million passenger cars in 2023, of which more than 90% were sold domestically in China and overseas sales were about 24.20,000 vehicles。

Pratarnwong Phornprapha, CEO of Rever Automotive, said that the company helped BYD land in the Thai market by the end of 2022, and by the end of 2025, it hopes to add 200 dealers, expand the range of commercial vehicle products, and enter the new passenger car segment。By then, the company will have 300 electric car dealers.。

Currently, BYD has about 100 distribution stores in Thailand and has a 40% share of the fast-growing local electric vehicle market, which is well-deserved.。

According to Counterpoint, BYD's sales in Thailand accounted for about 20% of its international sales in the third quarter, and Thailand remains BYD's "largest overseas market."。In addition, BYD has invested 17.9 billion baht (about 4.$9.1 billion) for the construction of a plant to be completed and put into operation this year。

The data also shows that in the third quarter of 2023, Thailand's electric vehicle sales accounted for just over 7% of the country's total passenger car sales, but with the help of government subsidies and policies, Thailand is still one of the fastest growing electric vehicle markets in Southeast Asia.。

At the end of last year, the Thai government approved a reduced subsidy program for the electric vehicle industry, but still provides subsidies of up to 100,000 baht (about 2,764 U.S. dollars) per vehicle, and reduces import duties and consumption taxes.。

In addition, the country publicly announced plans to convert about 30% of its annual production of 2.5 million vehicles into electric vehicles by 2030, attracting investment from a number of electric vehicle manufacturers.。Among them, Chinese automakers invested a total of more than 14.$400 million。

As well as the Southeast Asian electric vehicle market, BYD has been outperforming other automakers, mainly due to partnerships with local distributors and its affordable models。The Atto3 SUV, for example, was the region's best-selling electric vehicle in the third quarter.。

A few days ago, BYD also launched three battery electric vehicle models in Indonesia, Southeast Asia's largest economy, and plans to invest $1.3 billion in local assembly plants.。

Rich product portfolio to enter the commercial vehicle market

BYD has been on the road to expanding its product supply, posing a big challenge to Japanese competitors such as Toyota, which has long dominated the Thai car market.。

Speaking about MPVs and SUVs, Pratarnwong outlined the need to expand BYD's product range: "We must enter the MPV market and develop larger SUVs, smaller cars and larger sedans.。"

Currently, Rever offers three BYD electric car models in Thailand: Seal sedan, Atto3 SUV and Dolphin hatchback。In addition to passenger cars, Rever also hopes to use BYD's vehicles and technology to enter the commercial vehicle market, such as taxis, short-distance trucks, vans and buses.。

According to Thai government data, there were more than 81,000 registered taxis in the country as of September 2023.。For Pratarnwong, Rever's goal is to capture 40% of the new car market.。

Pratarnporn Phornprapha, Deputy CEO of Rever, said, "At present, the market prospect of short-distance transportation is very broad.。During COVID-19, Rever also provided BYD T3 vans。"

Pratarnwong also revealed: "This year will be the year we officially enter the commercial vehicle market.。A subsidiary of Rever is also building a bus plant equipped with BYD technology, and the first chassis may be launched in the third quarter。"