Chinese automakers sold 75% of electric vehicles in Southeast Asia in Q1 – study – One America News Network
Devjyot Ghoshal
BANGKOK (Reuters) – Chinese automakers dominated Southeast Asia’s fast-growing electric car market, selling three out of every four electric vehicles in the first quarter, research firm Counterpoint Research said on Thursday.
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Thailand – a major regional automotive hub – is driving the transition, with the country accounting for nearly 79% of all electric vehicles sold in Southeast Asia in the first quarter, Counterpoint said.
Thailand has offered consumer incentives and subsidies for automakers to build more electric cars locally. This has attracted a wave of investment from Chinese automakers into local production, including Great Wall Motor and BYD.
By 2030, Thailand plans to convert about 30% of its annual production of 2.5 million vehicles to electric vehicles.
In total, Chinese electric car makers have pledged to invest at least $1.44 billion to build production facilities in Thailand, where the auto industry has been dominated by Japanese companies for decades.
“Chinese auto groups are experiencing rapid growth and are outpacing their rivals in the SEA (South East Asia) region, with their market share increasing from 38% a year ago to nearly 75%,” Counterpoint analyst Abhilash Gupta said.
In the region, the share of electric vehicles in total passenger car sales rose to 3.8% in the first quarter, up from 0.3% a year earlier, according to Counterpoint.
BYD’s Atto 3 has become the region’s best-selling electric car, followed by Hozon New Energy Automobile’s Neta V, which is working on local production in Thailand, and Tesla’s Model Y, the report said.
With the expansion of electric vehicle supply in China, Counterpoint said that the share of electric vehicles as a percentage of total car sales in Southeast Asia could reach 6% by the end of 2023.
Indonesia, Thailand and Malaysia are the largest automotive markets in Southeast Asia. Counterpoint included these markets, as well as Vietnam, the Philippines, Singapore and Myanmar, in its analysis of electric vehicle sales in the region.
(Reporting by Devjyot Ghoshal; Editing by Emma Rumney)
