The Prime Minister and BYD Chief Executive Officer emphasized promoting manufacturers to utilize Thailand’s supply chain. On pricing, they agreed consumer protection for Thai buyers is essential. BYD promised to adjust future prices with suitable structure and frequency and to develop compensation measures for customers affected.
On 5 July 2024 at 10:30 a.m., in the Purple Room, Thai Khu Fah Building, Government House, Prime Minister Srettha Thavisin met with Mr. Wang Chuanfu, Chief Executive Officer of BYD Company Limited. After the meeting, Mr. Chai Watcharong, spokesman for the Office of the Prime Minister, revealed the key points as follows.
The Prime Minister expressed gratitude that the company recognized Thailand’s potential and chose to invest here, which will help stimulate the Thai economy. He raised three main points during the discussion: 1. The company should prioritize capable Thai manufacturers and entrepreneurs and maximize use of Thailand’s supply chain. 2. The company should produce at full capacity as agreed. 3. Managing consumer expectations regarding pricing is critical, so appropriate measures to protect Thai consumers should be considered.
Mr. Wang Chuanfu thanked the Prime Minister for the valuable advice. BYD places high importance on the Thai market, recognizing its potential. The company uses Thailand's supply chain beyond regulatory requirements, producing many parts domestically, including utilizing new technologies locally. BYD’s factory capacity in Thailand is 150,000 units per year, expected to reach full capacity within two years. Besides selling in Thailand, BYD plans to export within the ASEAN region, including Indonesia and Vietnam.
Regarding vehicle pricing, the company assured the Prime Minister it will consider his recommendations: future price adjustments will have appropriate formats and frequencies to allow the market to adapt accordingly. They also committed to seeking measures to compensate customers affected by price changes.
On this occasion, BYD reaffirmed to the Prime Minister that Thailand has strong potential and is a ready market for growth. The company is prepared to expand investments, hire more employees, and train staff with modern technology. They invited the Prime Minister to visit their company at a time convenient for him.
