BYD chief meets Srettha, vows to be more sensitive about price adjustments
The chairman of BYD has assured Prime Minister Srettha Thavisin that the company will appropriately manage promotions and pricing adjustments in reaction to a recent controversy that has led to the Thai government opening an inquiry.
Prime Minister Srettha Thavisin, on Friday, welcomed BYD chairman Wang Chuanfu at Government House. The BYD chief assured that in two years, the electric vehicle (EV) factory in Thailand would operate at full capacity, producing 150,000 cars annually.
Srettha emphasised the importance of maintaining the supply chain, using locally produced parts, and managing promotions or price reductions appropriately.
Wang, who is also CEO of BYD Co Ltd, arrived in Thailand on Thursday for the inauguration of the EV manufacturing plant in Rayong province. He was accompanied by executives from BYD Auto Industry Co Ltd and Thai partner Rêver Groupthen in the meeting with Srettha at Thai Khu Fah Building.
During the meeting, the prime minister urged BYD to consider the potential of local manufacturers and maximise the use of the supply chain in Thailand, produce at full capacity as agreed and stressed the importance of managing consumer expectations regarding pricing and asking for appropriate consumer protection measures.
Meanwhile, Wang affirmed that BYD values the Thai market, recognising its potential. The company was utilising Thailand's supply chain more extensively than required and was manufacturing several components domestically, incorporating new technologies in production, he said.
The production capacity of the BYD factory in Thailand is 150,000 cars per year. It will take two years to reach full capacity. In addition to selling in Thailand, the company plans to export to the ASEAN region, including Indonesia and Vietnam.
Regarding car pricing, BYD assured the PM that it would consider future pricing adjustments as recommended, ensuring an appropriate format and frequency that allows the market to adapt. They also promised to find measures to compensate customers affected by price changes.
BYD’s full-fledged EV manufacturing plant in Thailand at WHA Industrial Estate in Rayong Province, covers an area of 600 rai (approximately 96 hectares). BYD's first complete car manufacturing facility outside of China features EV assembly lines, battery production, and parts manufacturing.
The supply chain in Thailand will support nine projects with a total investment of 35 billion baht, starting with the BYD Dolphin model.
