BYD’s aggressive EV price cuts spark backlash in Thailand with up to nearly $10,000 in savings

After slashing prices on its electric cars in Thailand, BYD is facing backlash from buyers. With up to nearly $10,000 in savings, BYD’s latest EV price cuts have sparked an investigation in Thailand.

BYD was Thailand’s best-selling EV brand last year. With nearly 20,000 models sold, the Atto 3 was the country’s top-selling model.

The Atto 3 was BYD’s first EV, hitting the Thailand market in November 2022. Since then, BYD has introduced other popular EV models, including the Dolphin and Seal. In March, the company showcased its entire lineup of brands overseas for the first time, including BYD, Yangwang, and Denza.

BYD displayed new electric models, such as the Sealion (Sea Lion 07 in China), Song Plus (Seal U), and its Yangwang U9 supercar.

With Thailand aiming for 30% of vehicle production in the country to be EVs by 2030, BYD is committed to the region.

BYD is already dominating the Thai auto market with a 46% share of the EV market. It’s also the third largest passenger car brand with a roughly 9% share.

BYD’s EV price cuts spark investigation in Thailand

After introducing drastic discounts, BYD may be in hot water. According to Reuters, BYD’s price cuts in Thailand are now being investigated.

BYD’s dealers are being investigated over consumer complaints stemming from its latest round of discounts.

A BYD customer claimed a sales rep said the model’s price would rise following the campaign, but the dealership slashed prices further.

Other customers are taking to social media to voice their concerns. According to The Thaiger, one Facebook user wrote, “I feel like I’ve lost 100,000 baht,” or around $2,700.

BYD announced discounts of up to 340,000 baht ($9,300), which has led to a wave of complaints and now an investigation.

After breaking ground on its first EV plant in Thailand last March, BYD is set to complete it on July 4, 2024. Once up and running, BYD’s plant will build 150,000 vehicles annually. BYD will meet the rising demand for EVs in Thailand first before exporting to nearby countries.

Several other Chinese automakers, including GAC Aion, Great Wall, and SAIC, are building plants in Thailand.

The news comes after BYD sold a record number of new energy vehicles (NEVs) last month. With 429,039 EVs sold in Q2, BYD was the second-largest EV brand globally behind Tesla (443,956).