🚗 Chinese company BYD strengthens its position in Thailand!
BYD $BY6.F is a Chinese company that has become a world leader in innovation and technology. The company specializes in electric vehicles, batteries and renewable energy solutions. With its pioneering approach and continuous technology development, BYD has become one of the largest electric vehicle manufacturers in the world.
The company has now acquired 20% Thailand is BYD's largest market outside of China, this move will further strengthen its position in the Thai market.
The automaker opened its first factory in Southeast Asia this week. This factory, with an investment $490 million, has an annual production capacity 150 000 vehicles and will employ 10 000 workers.
Rever Automotive, which has in Thailand more than 100 showrooms in Thailand, has started selling cars BYD in the year 2022. BYD quickly became the country's best-selling electric car brand.
"We are excited to deepen our partnership to accelerate the adoption of electric vehicles and contribute to Thailand's transition to a more sustainable future," said Liu Xueliang, general manager ofBYD Automotive Sales for Asia Pacific .
Thailandas a regional hub for automobile assembly and export, has long been the domain of Japanese automakers such as Toyota, Honda and Isuzu. 🚗
According to research firm Counterpoint,BYD was expected to be the largest producer of new cars in the first quarter of 2024 . 46% share in Thailand's electric car segment, becoming the third largest player in the passenger car sector. 📊
The acquisition comes at a time when the company Rever faces a government investigation over heavy discounts, which has led some customers to feel they paid too much for their cars.
Does anyone invest in Chinese companies and what is your view on the Chinese market?
I avoid China. I'd love to buy $BABA, for example, but despite the fact that I think it's a good company (it was better before the sanctions and oversight by the government there) it's the government that's putting me off.