Chinese automakers sold 75% of EVs in South-east Asia in Q1: study

CHINESE automakers dominated South-east Asia’s fast-growing electric vehicle market, selling three out of every four EVs in the first quarter, research firm Counterpoint Research said on Thursday (Jul 20).

Thailand – the main regional auto manufacturing hub – is driving the transition, with the country accounting for almost 79 per cent of all EVs sold in South-east Asia in the first quarter, Counterpoint said.

Thailand has offered incentives to consumers and subsidies to automakers to build more EVs locally. That has attracted a wave of investments by Chinese carmakers in local manufacturing, including by Great Wall Motor and BYD.

By 2030, Thailand aims to convert around 30 per cent of its annual production of 2.5 million vehicles into EVs.

In total, Chinese EV makers have committed to invest at least US$1.44 billion in setting up production facilities in Thailand, where the auto industry has been dominated by Japanese companies for decades.

“Chinese auto groups are experiencing rapid growth and outpacing their competitors in the South-east Asia region, with their market share increasing from 38 per cent a year ago to nearly 75 per cent,” Counterpoint analyst Abhilash Gupta said.

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Across the region, the share of EVs in total passenger vehicle sales rose to 3.8 per cent in the first quarter, from 0.3 per cent a year earlier, according to Counterpoint.

BYD’s Atto 3 was the best-selling EV car in the region, followed by the Neta V made by Hozon New Energy Automobile, which is working on local Thai production, and Tesla’s Model Y, it said.

With Chinese EV offerings expanding, Counterpoint said the share of EVs as a per cent of total vehicle sales in South-east Asia could reach 6 per cent by the end of 2023.

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Indonesia, Thailand and Malaysia are the largest auto markets in South-east Asia. Counterpoint included those markets plus Vietnam, Philippines, Singapore and Myanmar in its analysis of EV sales in the region. REUTERS