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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.

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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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