Hyperdrive
Chinese EV Maker BYD to Acquire 20% Stake in Thai Distributor
- BYD, Rever Automotive to raise competition in Thai EV market
- Agreement follows days after BYD opens local production plant
Workers assemble a BYD Co. Dolphin compact hatchback in Rayong province, Thailand.
Photographer: Valeria Mongelli/BloombergChinese electric vehicle maker BYD Co. will acquire a 20% stake in its Thai official distributor Rever Automotive Co. after opening its first manufacturing plant in the Southeast Asian market.
The move is part of a joint investment agreement between the two companies, Rever Automotive said in a statement late Saturday. The joint venture will raise their competitiveness in the electric vehicle industry, Rever added.