BYD announced that it has delivered a cumulative total of 90,000 vehicles to the Thai passenger car market since entering it three years ago. Last year, BYD began producing EVs at its Thai plant. BYD is preparing to produce plug-in hybrid electric vehicles (PHVs) to further expand its market share.
BYD reported that 6,100 of the factory’s 6,900 employees are Thai nationals. BYD also announced that it will produce plug-in hybrid electric (PHV) sedans at the Thai factory. This will be the first time BYD has produced PHVs in Thailand. The factory has an annual production capacity of 150,000 vehicles. Expanding the range of models produced will increase consumer choice and the factory’s operating rate.
BYD entered the Thai passenger vehicle market in 2022 by exporting the EV SUV “ATTO3” from China. BYD is focusing on establishing local factories to expand into overseas markets. The Thai factory began operations in July 2024 and is positioned as BYD’s first full-scale passenger vehicle factory overseas.
Traditionally, the Thai passenger vehicle market has been dominated by Japanese manufacturers, such as Toyota Motor Corporation. However, Chinese manufacturers are now intensifying their efforts to gain a stronger foothold in the market. According to Toyota’s local subsidiary, BYD secured a 9.8% market share from January to May, ranking third behind Toyota and Honda..
Source: The Nikkei.
PSR Analysis: This news highlights BYD’s strong performance. Since entering the market, BYD has rapidly expanded its market share. Given its growth potential and expected export opportunities to neighboring countries, entering the Thai market, the largest in Southeast Asia, is a highly rational choice. While the EV market is slowing down in Europe and the US, the same cannot be said for Southeast Asia. The number of charging stations is gradually increasing, especially in urban areas, making EVs a more realistic option. Southeast Asia is a market where consumers are highly price conscious. Even in these regions, BYD’s pricing strategy is well-received. PSR
Akihiro Komuro is Research Analyst, Far East and Southeast Asia, for Power Systems Research
