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In 2023, BYD achieved the remarkable feat of becoming the top-selling electric vehicle (EV) brand in Thailand. The company outperformed competitors Neta and MG by selling a staggering 30,500 units. The BYD Atto 3 SUV emerged as the best-selling model, contributing significantly to this success with over 12,500 units sold.
This achievement can be attributed in part to the active support of the Thai government, which has been fostering the growth of the EV sector through subsidies. In 2023, domestic consumers were eligible for subsidies amounting to 150,000 baht (equivalent to 4,300 USD) per EV, igniting a surge in the EV market. The Kingdom witnessed a substantial increase in EV sales, reaching 76,314 units in 2023. However, in 2024, the government has reduced the subsidy to 100,000 baht (equivalent to 2,850 USD) per vehicle.
BYD's success in Thailand is further solidified by its diverse product lineup, featuring three models: the BYD Atto 3, BYD Dolphin, and BYD Seal. To fortify its position in the local market, BYD has strategic plans to commence EV manufacturing in Thailand later in the year.
Notably, Hozon Auto's Neta secured the runner-up position, showcasing an impressive performance with its Neta V electric crossover. The company intends to boost sales in the Kingdom by leveraging its local car factory, which commenced operations in late 2023. This development positions Neta as a strong contender in the evolving Thai EV landscape.
