Rever allots B3bn to nurture BYD venture
Aims to be a leading EV firm in Thailand
Newly established Rever Automotive Co, the sole distributor of electric vehicles (EVs) produced by Chinese automaker BYD, has allocated an investment budget of 3 billion baht to develop an EV business as it looks forward to becoming a leading EV company in Thailand.
The money will be spent on more car purchases from China as well as running marketing plans in Thailand, said Pratarnwong Phornprapha, chief executive of Rever Automotive.
"The company has joined hands with BYD to import its EVs for sale in the Thai market," he said.
Rever Automotive, which was set up by the Phornprapha family, is riding a trend for more eco-friendly cars in Thailand and around the world, with the aim of standing among the five leading car firms in the domestic EV segment within five years.
The company said it has strength in after-sales services provided through online and offline channels, which will serve customers' needs and increase their satisfaction.
It expects domestic sales of BYD cars to stand at 10,000 units in the first year and increase to 50,000-60,000 units within five years.
The company expects to form a network of 60-70 car dealers nationwide next year.
Rever Automotive also plans to invest in a factory for assembly in Thailand to serve growing demand for EVs in the country.
"The company has talked with BYD about a plan to set up its first car assembly facility in Thailand," said Mr Pratarnwong, adding Rever Automotive has already submitted an investment proposal to the Board of Investment (BoI).
The government is promoting the EV industry by granting tax incentives to investors via the BoI.
In February, the cabinet approved a package of incentives including subsidies to promote EV consumption and production between 2022-2023.
The subsidies range from 70,000 baht to 150,000 baht depending on the type and model of vehicle, while there will be lower excise tax and import duties on completely knocked down and completely built up units.