China’s electric vehicle makers race for South-east Asia market share
In the 5th of a 7-part BT-Lianhe Zaobao series on China and Asean, we look at how China’s electric vehicle manufacturers are making inroads in Singapore and the region
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
FOR many middle-class families, a car is a big-ticket purchase requiring careful consideration. This was indeed the case for Eric Lim, a 32-year old recruiter, who needed to meet the growing transportation needs of his family of 4. It took 3 showroom visits before he finally bought his first electric vehicle (EV) from a Chinese brand – joining a tiny minority of car owners in Singapore.
South-east Asia’s EV market is about to enter a phase of rapid growth. According to market research firm Mordor Intelligence, the Asean EV market was valued at US$500 million in 2021, and is expected to grow more than fourfold to US$2.6 billion by 2027.
Yet the market is still nascent. Data from Singapore’s Land Transport Authority (LTA) shows that as of this May, only 6 out of 1,000 private cars in the country are pure EVs.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Copyright SPH Media. All rights reserved.
TRENDING NOW
Air India asks Tata, Singapore Airlines for funds after US$2.4 billion loss
Beijing’s calculated silence on the Iran war
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
Richard Eu on how core values, customers keep Singapore’s TCM chain Eu Yan Sang relevant
