Thailand’s inquiry into discounts offered by China’s BYD will persist despite a cash-back initiative by its distributor in response to consumer dissatisfaction over the recent price cuts to several models, as stated by a senior official on Friday.
Thailand stands as BYD’s most substantial overseas market and the premier electric vehicle brand. With the recent inauguration of its first Southeast Asian factory in Thailand, BYD has further solidified its presence in the region.
Rever Automotive, the distributor of BYD vehicles in Thailand, in which BYD holds a 20% stake, has recently unveiled a cash-back initiative and discounts at charging stations that will be available until March 2025.
While existing BYD customers are eligible for cash back incentives on selected models, the Consumer Protection Board of Thailand will carry on with its investigation into the matter, spurred by a growing number of complaints.
Passakorn Thapmongkol, a senior official at the agency, confirmed that discussions with Rever would continue in the upcoming week.
Despite Rever’s efforts to address consumer concerns, the Thai government remains vigilant, particularly after the distributor implemented significant price reductions on BYD vehicles, leading to disapproval from previous buyers.
Thai Prime Minister Srettha Thavisin urged BYD CEO Wang Chuanfu to safeguard consumer interests, to which Wang committed to ensuring appropriate pricing strategies in the future.
The situation has shed light on the government’s push towards electric vehicle adoption, with several Chinese automakers, including BYD, investing substantial amounts in establishing EV manufacturing facilities in Thailand with government support.
The government’s target is to have 30% of its 2.5 million vehicle production capacity dedicated to EVs by 2030.
