BYD became the bestselling electric vehicle brand in Thailand in 2023. It sold over 30,500 units, easily surpassing Neta and MG. The BYD Atto 3 (Yuan Plus) SUV became the local bestseller, delivering over 12,500 units.
The Thai government actively supports the growth of the EV sector, spurring it with subsidies. In 2023, it offered domestic consumers subsidies of 150,000 baht (4,300 USD) per EV. As a result, the EV market gained momentum in the kingdom, with 76,314 units sold in 2023, up Y-O-Y 684%. In 2024, the subsidy shrank to 100,000 baht (2,850 USD) per vehicle.
BYD success in Thailand
BYD’s success in Thailand is not a coincidence but a result of a strategic partnership. The brand’s alliance with Rever Automotive, a company led by a family member of the renowned Siam Motors Group (SMG), has been instrumental in its success. SMG, known as the “Thai automotive king”, is a big player in the kingdom’s assembly of Japanese vehicles and car components.
Currently, there are 99 BYD dealerships in Thailand. They sell three models: BYD Atto 3, BYD Dolphin, and BYD Seal. BYD plans to start EV manufacturing in Thailand later this year to strengthen its position in the local market.
The most popular EV brands and models in Thailand
Let’s start with the list of the most popular electric brands in the Thai market:
- BYD – 30,650 EVs
- Neta – 12,777 EVs
- MG – 12,764 EVs
- Tesla – 8,206 EVs
- Ora – 6,746 EVs
Hozon Auto’s Neta became the runner-up in the Thai market. Its result is impressive since Neta sells a single model, a small V crossover, with a price tag of 549,000 baht (15,700 USD). This year, Neta plans to push sales in the kingdom with the local car factory that began operating in late 2023.
Now, let’s move to the top 10 popular electric cars in Thailand:
- BYD Atto 3 – 19,214
- Neta V – 12,777
- BYD Dolphin – 9,410
- Ora Good Cat – 6,712
- Tesla Model Y – 5,881
- MG 4 – 4,833
- MG EP – 4,475
- Tesla Model 3 – 2,324
- BYD Seal – 1,810
- MG ZS EV – 1,753
As we can see, eight cars in the list are Chinese. Legacy car companies are losing opportunities in Thailand’s emerging electric vehicle market. Earlier, CarNewsChina reported BYD became the largest EV brand in Brazil. Moreover, in Q4 2023, BYD surpassed Tesla and became the world’s top EV maker.
Source: Autolife Thailand
