China’s BYD Strikes Deal with Rêver Group: Electric Buses and Trucks Set to Roll Out in Thailand

On March 10, 2024, Thai media reported that BYD had signed a memorandum of understanding with Rêver Bus & Truck, a subsidiary of Thailand’s Rêver Group, on March 28 to produce electric buses and trucks based on BYD technology. While no schedule was announced, the factory will, according to the media, produce interior and exterior parts for electric vehicles and manufacture buses and trucks. The factory will also utilize BYD’s advanced technology, such as its LFP batteries and 6-in-1 motor controller.

In March 2023, BYD began building an electric car factory in Thailand. However, unlike the Rêver production facility, the Rayong factory will produce passenger cars with an annual capacity of 150,000 electric vehicles. BYD stated that establishing a passenger car production base in Thailand is one of its key initiatives to accelerate expansion into the Asia-Pacific market.

Thailand is a significant production hub in the Southeast Asian auto industry, which produces 2.5 million units annually. The Thai government aims to drive the growing e-mobility sector and targets electric vehicles to account for 30% of total production by 2030.

In early March, BMW also held a groundbreaking ceremony for a new high-voltage battery production facility at its Rayong factory. The facility will produce internal combustion engines, plug-in hybrids, and battery-electric vehicles.

With Thailand’s subsidy policy, Chinese companies are becoming the biggest investors. Among them are brands in the automotive sector like SAIC’s MG, GAC Aion, Neta, and Jiangling Motors, as well as battery companies, including SVOLT, Gotion Hi-Tech, and Eve Energy. Last March, there were reports that Kia and Tesla were negotiating to build factories.