Chinese electric vehicle manufacturers, including BYD, Hozon Auto, and Great Wall Motor, have made significant progress in penetrating Thailand’s car market. Together, they currently hold an 8% market share and are leading the way in the electric vehicle segment.
- The demand for electric vehicles (EVs) in Thailand is rapidly increasing, with Chinese-owned brands holding close to 80% of the EV market, compared to less than 1% for Japanese brands.
- Chinese EV makers like BYD and Hozon Auto are gaining significant market share in Thailand, challenging the dominance of established Japanese automakers like Toyota and Honda.
- Thailand’s government subsidies and the entry of Chinese EV brands into the country’s auto manufacturing sector are driving the surge in EV sales and production, with EV registrations expected to surpass 150,000 this year.
Government subsidies and increasing EV demand are driving this growth, with EV sales expected to double in 2023. Chinese-owned brands now make up almost 80% of Thailand’s EV market, compared to less than 1% for Japanese brands. Additionally, Chinese EV brands are also entering Thailand’s auto manufacturing sector, with plans to locally produce electric vehicles and batteries.
Thailand’s exclusive distributor of BYD, the world’s largest electric vehicle manufacturer, intends to expand its number of dealerships in Thailand threefold over the next two years.
Thailand’s fast-growing EV market, supported by government subsidies and policies, is attracting significant investments from Chinese auto companies, with BYD outperforming other automakers in the region.
Extracted in full from: https://www.thailand-business-news.com/business/125095-chinas-ev-automakers-ramp-up-their-presence-in-southeast-asia