EV price war angers Thai BYD owners as buyers wait for more cuts

BANGKOK -- The Thai government may be celebrating the opening of a BYD plant in early July, but owners of the Chinese EV maker's cars are less than thrilled. BYD offered yet more discounts on its Atto 3 SUV this month, in an attempt to maintain its lead in an increasingly crowded market.

The price cuts of up to 340,000 baht ($9,460) lower the resale value for current owners. "I was told the price would go up in two months, after the government subsidy expired. Usually, insurance covers 80% of the new car value, and it depreciates 10% per year, but the discount pushes it even lower," said Darakorn, who bought an Atto in January 2023, just a month after BYD launched in Thailand.