News Room - Business/Economics

Posted on 26 Jul 2023

Chinese automakers take 75% SEAsian EV market share

Technology, media, and telecoms-focused research firm Counterpoint Research stated in its first quarterly report of this year that Chinese automakers contributed about 75% of the electric vehicle sales in Southeast Asia, Kallanish learns.  

Counterpoint analyst Abhilash Gupta says the market share has increased about 37 percentage points from the previous year's 38%. 

It came to this conclusion based on data collected in Thailand, Indonesia, Malaysia, Myanmar, Philippines, Singapore, and Vietnam mainly.

It states Thailand is the major vehicle manufacturing centre of this region and in Q1, about 79% of the EV sales were made in this region. 

The dominance was mainly due to the country's strong support through subsidies to not only consumers but also automakers, both domestic and foreign. The subsidies have attracted Chinese automakers such as Great Wall Motor and BYD to invest in this country. So far, Chinese automakers have committed at least $1.44  billion to invest and construct production facilities in Thailand. 

Thailand's goal is to transform about 30% of its 2.5 million/year vehicle production capacity into electric vehicle production.

Source:Kallanish