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BYD (BYDDY) Buys 20% Stake in Rever to Gain Competitive Edge
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BYD Company Limited (BYDDY - Free Report) has agreed to purchase a 20% stake in Thai dealer Rever Automotive to strengthen its position in the Southeast Asia auto market.
With the share purchase agreement signed on Jul 6, 2024, both companies aim to enhance their competitiveness in Thailand's auto industry. BYD officially entered Thailand's passenger car market on Aug 8, 2022, through a joint announcement with Rever in Bangkok.
On Jul 4, 2024, BYD, which is a China-based new energy vehicle (NEV) maker, opened its factory in Thailand, marking the production of its 8 millionth NEV.
Rever, which operates more than 100 showrooms in Thailand, began selling BYD vehicles in 2022, making BYD the country's top-selling EV brand.
Per Liu Xueliang, general manager of BYDDY's Asia-Pacific auto sales division, currently, there are 115 BYD sales outlets in Thailand. With the new plant in operation, BYD plans to expand its local sales network.
BYD and Rever will broaden their collaboration beyond passenger cars to include commercial vehicles.
The Thailand plant produces models like the all-electric Dolphin and Seal, as well as the Atto 3, which Rever sells in Thailand. BYD also plans to produce plug-in hybrid electric vehicle models, including the Sea Lion 6.
Thailand, a key regional auto assembly and export hub, has been traditionally dominated by Japan-based car makers such as Toyota, Honda and Isuzu. Per Counterpoint, in the first quarter of 2024, BYD captured a 46% share of Thailand's EV market and ranked the third-largest player in the passenger car segment.
Rever is facing a government investigation over significant discounts that have led to complaints from a few previous customers who feel that they overpaid for their cars.
The consensus estimate for BLBD’s 2024 sales and earnings suggests year-over-year growth of 17.29% and 155.14%, respectively. EPS estimates for 2024 and 2025 have improved 63 cents and 69 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for RNLSY’s 2024 sales and earnings suggests year-over-year growth of 20.78% and 62.43%, respectively. EPS estimates for 2024 and 2025 have improved 6 cents and 14 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for AXL’s 2024 sales and earnings suggests year-over-year growth of 3.05% and 544.44%, respectively. EPS estimates for 2024 have moved up 5 cents in the past 60 days. The same for 2025 has moved up 20 cents in the past 30 days.
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BYD (BYDDY) Buys 20% Stake in Rever to Gain Competitive Edge
BYD Company Limited (BYDDY - Free Report) has agreed to purchase a 20% stake in Thai dealer Rever Automotive to strengthen its position in the Southeast Asia auto market.
With the share purchase agreement signed on Jul 6, 2024, both companies aim to enhance their competitiveness in Thailand's auto industry. BYD officially entered Thailand's passenger car market on Aug 8, 2022, through a joint announcement with Rever in Bangkok.
On Jul 4, 2024, BYD, which is a China-based new energy vehicle (NEV) maker, opened its factory in Thailand, marking the production of its 8 millionth NEV.
Rever, which operates more than 100 showrooms in Thailand, began selling BYD vehicles in 2022, making BYD the country's top-selling EV brand.
Per Liu Xueliang, general manager of BYDDY's Asia-Pacific auto sales division, currently, there are 115 BYD sales outlets in Thailand. With the new plant in operation, BYD plans to expand its local sales network.
BYD and Rever will broaden their collaboration beyond passenger cars to include commercial vehicles.
The Thailand plant produces models like the all-electric Dolphin and Seal, as well as the Atto 3, which Rever sells in Thailand. BYD also plans to produce plug-in hybrid electric vehicle models, including the Sea Lion 6.
Thailand, a key regional auto assembly and export hub, has been traditionally dominated by Japan-based car makers such as Toyota, Honda and Isuzu. Per Counterpoint, in the first quarter of 2024, BYD captured a 46% share of Thailand's EV market and ranked the third-largest player in the passenger car segment.
Rever is facing a government investigation over significant discounts that have led to complaints from a few previous customers who feel that they overpaid for their cars.
Zacks Rank & Other Key Picks
BYDDY currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the auto space are Blue Bird Corporation (BLBD - Free Report) , Renault SA (RNLSY - Free Report) and American Axle & Manufacturing Holdings, Inc. (AXL - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The consensus estimate for BLBD’s 2024 sales and earnings suggests year-over-year growth of 17.29% and 155.14%, respectively. EPS estimates for 2024 and 2025 have improved 63 cents and 69 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for RNLSY’s 2024 sales and earnings suggests year-over-year growth of 20.78% and 62.43%, respectively. EPS estimates for 2024 and 2025 have improved 6 cents and 14 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for AXL’s 2024 sales and earnings suggests year-over-year growth of 3.05% and 544.44%, respectively. EPS estimates for 2024 have moved up 5 cents in the past 60 days. The same for 2025 has moved up 20 cents in the past 30 days.