BYD (SHE:002594) was cleared by Thailand's consumer watchdog over its discount practices, Reuters reported Nov. 29, citing two sources familiar with the matter.
The Consumer Protection Board probe, which started in July, looked into BYD's Thai distributor, Rever Automotive, after complaints of asserting higher vehicle prices after a discount campaign. Instead, prices were cut by as much as 340,000 Thai baht soon after, according to the report.
The backlash against BYD vehicles in Thailand comes amid a drop in consumer demand for vehicles due to rising household debt, the report said.
Shares of the carmaker rose 3% in recent trade.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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