Chinese automakers dominated the Southeast Asian EV market, selling 75% of all electric vehicles in Q1, according to a study.
Chinese Automakers Dominate Southeast Asia’s Electric Vehicle Market
By Devjyot Ghoshal
BANGKOK (Reuters) – Chinese automakers are taking the lead in Southeast Asia’s fast-growing electric vehicle market, with three out of every four EVs sold in the first quarter coming from Chinese brands, according to research firm Counterpoint Research.
Thailand Drives the Transition
Thailand, the main auto manufacturing hub in the region, is leading the transition to electric vehicles. In the first quarter, Thailand accounted for almost 79% of all EVs sold in Southeast Asia, as reported by Counterpoint. The country has offered incentives and subsidies to both consumers and automakers to encourage local production of EVs. This has attracted significant investments from Chinese carmakers like Great Wall Motor and BYD.
Thailand’s Ambitious Goals
Thailand aims to convert around 30% of its annual production of 2.5 million vehicles into EVs by 2030. To support this goal, Chinese EV makers have committed to investing at least $1.44 billion in setting up production facilities in Thailand, challenging the long-standing dominance of Japanese companies in the country’s auto industry.
Rapid Growth and Increasing Market Share
Counterpoint analyst Abhilash Gupta highlighted the rapid growth of Chinese auto groups in the Southeast Asia region. Their market share has increased from 38% a year ago to nearly 75% now. The share of EVs in total passenger vehicle sales across the region rose to 3.8% in the first quarter, up from 0.3% a year earlier.
Top-selling EVs in the Region
According to Counterpoint, the best-selling EV car in Southeast Asia is BYD’s Atto 3, followed by the Neta V made by Hozon New Energy Automobile, which is working on local Thai production, and Tesla’s Model Y.
Predicted Growth
With the expanding offerings from Chinese EV manufacturers, Counterpoint predicts that the share of EVs as a percentage of total vehicle sales in Southeast Asia could reach 6% by the end of 2023.
Conclusion
The dominance of Chinese automakers in Southeast Asia’s electric vehicle market is evident, driven by Thailand’s efforts to transition to EVs. As the region’s largest auto markets, Indonesia, Thailand, and Malaysia, along with other countries like Vietnam, Philippines, Singapore, and Myanmar, continue to embrace electric mobility, the future of EVs in Southeast Asia looks promising.
(Reporting by Devjyot Ghoshal; Editing by Emma Rumney)
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