BYD's Thai unit fires all staff after dashcam video scandal, as Q1 profit plunges 55%

Key facts

• BYD RÊVER Thailand fired all employees involved in a dashcam video scandal, confirming the footage showed genuine service center staff.
• BYD's Q1 2025 net profit plunged 55% year-on-year, hit by low season and reduced EV subsidies in China.
• BYD Dolphin (Thai-assembled) price cut by up to 140,000 baht, now starts at 449,000 baht for a limited time.
• BYD Seagull price slashed to 254,xxx baht, and BYD SEAL reduced by nearly 400,000 baht to start below 1 million baht.
• BYD SHARK 6 DMO PHEV pickup expected to launch at 1,699,900 baht, with 100 km electric-only range (NEDC).
• BYD ATTO 2 small electric SUV displayed at Bangkok International Motor Show 2025 (March 26 – April 6).
• BYD SEALION 7 fully electric SUV launched with two variants, starting at 1,149,900 baht.

Dashcam scandal triggers mass dismissal at BYD Thailand

BYD RÊVER Thailand, the local distributor, issued a statement accepting responsibility after a dashcam video circulated on social media showed inappropriate behavior by service center staff. The company confirmed the individuals were genuine employees and announced that all involved personnel have been terminated. The incident has damaged the brand's reputation in Thailand, where BYD has aggressively expanded its dealership network. The swift dismissal reflects the company's attempt to contain the fallout as it faces mounting challenges in the market.

Q1 earnings collapse as subsidies fade

BYD's first-quarter net profit plunged 55% compared to the same period last year, the company reported. The sharp decline was attributed to the traditional low season for auto sales and reduced government subsidies for electric vehicles in China, its home market. The profit warning has spooked investors, who had grown accustomed to BYD's rapid growth. The company now faces pressure to maintain margins while cutting prices to defend market share.

Aggressive price cuts across BYD lineup in Thailand

Rever Automotive, BYD's Thai distributor, launched heavy promotions, slashing prices on several models. The BYD Dolphin (Thai-assembled version) is discounted by up to 140,000 baht, with a starting price of 449,000 baht for a limited period. The BYD Seagull has been reduced to just 254,xxx baht. At the premium end, the BYD SEAL saw price cuts of nearly 400,000 baht across all variants, bringing the entry price below 1 million baht for the first time at 999,900 baht. The moves are aimed at stimulating demand amid a slowing EV market.

New models unveiled at Motor Show 2025

At the Bangkok International Motor Show 2025 (March 26 – April 6), BYD showcased several new models. The BYD ATTO 2, a small electric SUV, was displayed in production form. Spy shots of a facelifted BYD ATTO 3, with a more modern exterior design, have also surfaced ahead of its expected launch later this year. The BYD SHARK 6 DMO, a plug-in hybrid pickup, was previewed with an expected price of 1,699,900 baht. It combines a 1.5T petrol engine with dual electric motors, offering an electric-only range of up to 100 km (NEDC). The BYD SEALION 7, a fully electric SUV, was launched with two variants starting at 1,149,900 baht.

Broader context: BYD's global expansion hits speed bumps

BYD's troubles in Thailand mirror wider headwinds. The company has been a dominant force in China's EV market, but slowing domestic demand and subsidy cuts are forcing it to look overseas. Thailand, a key manufacturing hub for BYD, has been a bright spot, but the recent price war and PR crisis threaten to undermine its position. The company's strategy of vertical integration and cost leadership has allowed it to undercut rivals, but the profit squeeze suggests the limits of that approach. Analysts are watching to see if BYD can maintain its growth trajectory without sacrificing profitability.

What comes next: recovery or further decline?

BYD faces a delicate balancing act. It must restore consumer trust after the dashcam scandal while managing the financial strain of aggressive price cuts. The upcoming launch of the facelifted ATTO 3 and the SHARK 6 pickup could provide a boost, but the market remains uncertain. The company's ability to navigate these challenges will be a test of its resilience. For now, BYD is doubling down on Thailand, betting that volume growth can offset thinner margins. The coming months will reveal whether that bet pays off.

The bottom line

• BYD's Thai unit fired all staff involved in a dashcam scandal, admitting the footage was genuine.
• First-quarter net profit fell 55% due to low season and reduced EV subsidies in China.
• Price cuts of up to 140,000 baht on Dolphin and nearly 400,000 baht on SEAL aim to boost sales.
• New models including ATTO 2, SEALION 7, and SHARK 6 DMO were showcased at Motor Show 2025.
• BYD's global expansion faces headwinds from slowing demand and subsidy phase-outs.
• The company's strategy of cutting prices to gain market share is squeezing profits.