Ma Haiyang and eight of his colleagues arrived in Thailand a year ago to establish the first overseas operation for GAC Aion, an electric vehicle maker from China. They had no office, no factory, no local employees and, basically, no clue.
The arrival of China EV Inc. is evident everywhere in Thailand. Billboards are blanketed with advertisements for Chinese cars. Land prices are soaring because so many Chinese firms are building car factories. After years of government support for the sector, Chinese manufacturers are adept at mass-producing electric vehicles. They have established dependable supply chains, while working out the kinks to reduce prices.
In a market once considered a Japanese stronghold, a changing of the guard is already happening. Japanese automobile brands accounted for 86% of new car sales in 2022. That figure dropped to 75% last year, with China’s BYD, Great Wall Motor and SAIC Motor grabbing significant market share. In May, with the EU tariffs on China looming, Great Wall Motor announced that it would close its regional headquarters in Munich, citing an “increasingly challenging European electric vehicle market.”
Pratarnwong Phornprapha, who is Rever’s chief executive, and Pratarnporn Phornprapha, his sister and vice chief executive, said their company was completely separate from Siam Motors, which is run by their uncle and cousin. This month, BYD said it had acquired a 20% stake in Rever for an undisclosed sum.
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