BYD’s Electric Car Price Cuts Upset BYD Buyers in Thailand — Investigation Ensues As Factory Inaugurated – CleanTechnica

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I wrote a few weeks ago, based on some ears on the ground, about cheap electric cars from BYD seemingly disrupting the auto market in Thailand — like, not just reaching good sales levels, but actually disrupting the market and pushing auto brands out. This even extends into the used car market and resale values.

Well, now Thailand is investigating the matter. Apparently, cheap electric cars from China aren’t just a “problem” for Europe and the USA; they’re also a potential “problem” for Thailand. Notably, though, this is coming after sharp price cuts from BYD, and the story appears to be a bit different from the ones in the US and Europe. Reportedly, the investigation wasn’t instigated by competitors or an auto lobby or something — it was initiated by BYD customers!

If you’re familiar with how disgruntled some Tesla buyers have gotten in recent years from sharp, sudden Tesla price cuts, you probably know where this is going. Obviously, the customers who got the much cheaper BYD EVs after the price cuts aren’t complaining, but buyers of the EVs who purchased their BYD cars right before the price cuts are pissed. Some of them even claim that they were told prices would be rising, not getting slashed. Hence the investigation, which is being conducted by the country’s consumer protection agency.

Notably, BYD has really come into the Thailand market strongly. It has captured 46% of Thailand’s EV market! And this is reportedly BYD’s largest market outside of China!

Also noteworthy: Thailand has a goal of reaching 30% of vehicle production in the country to EV production by 2030. It’s interesting that the target concerns production, since most government EV targets are about sales. Presumably, the country can see the writing on the wall and wants the economic benefits of becoming a major EV producer. And the Southeast Asian nation has reportedly already raked in $1.44 billion in investment from Chinese EV producers, who have been enticed by various tax incentives and subsidies.

“BYD plans to use Thailand as a production hub for exporting EVs to ASEAN and other countries,” Thailand Business News writes. In other words, Thailand is getting just what it wanted.

BYD just announced in a press released today that it has now inaugurated its Thailand factory. It also just produced its 8 millionth new energy vehicle (NEV) in this factory in Rayong, Thailand. “The ceremony was attended by Ms. Pimphattra Wichaikul, Thailand’s Minister of Industry; Mr. Han Zhiqiang, Chinese Ambassador to Thailand; Mr. Narit Therdsteerasukdi, Secretary General of Thailand Board of Investment; as well as Mr. Wang Chuanfu, Chairman and President of BYD, among other senior executives of BYD Group,” BYD writes.

It took BYD 16 months to construct its Thai factory, and the plant is supposed to be capable of producing 150,000 vehicles a year.

“BYD is a world-leading automobile manufacturer and a pioneer in China’s new energy vehicle industry,” Thailand Minister of Industry Pimphattra Wichaikul noted. “BYD’s investment in Thailand, along with its advanced production technology, will drive the development of the new energy vehicle industry in Thailand and across ASEAN.” It’s all about those jobs and economic benefits.

“The facility encompasses processes of stamping, painting, welding, final assembly, and producing car components,” BYD writes. “It is projected to generate 10,000 jobs. BYD marked a historic moment by unveiling the Dolphin model as the 8 millionth new energy vehicle.” It took BYD just three years to go from its 1 millionth NEV (in May 2021) to its 8 millionth. That’s impressive. In fact, no other company has done better in that time.

Notably, BYD had a 377% increased in exports in 2023 compared to 2022. Its export total rose to 243,000 vehicles in 2023. And the company has almost reached that number in just the first 6 months of 2024. “In the first half of this year, BYD sold 1.607 million new energy vehicles globally, a 28% year-on-year increase, securing its position as the largest in the industry. Of these, over 203,000 were exported, showing a 173.8% year-on-year growth.”

BYD’s NEV production hubs outside of China are now built or being developed in Thailand, Brazil, Hungary, and Uzbekistan.

The EV revolution isn’t stopping, and it’s not slowing, but as we’ve been reporting, it is increasingly being dominated by Chinese EV leaders. Which countries will be next to have stories like Thailand’s?

Hat tip to UjiBebek and Cynthia Shahan