The latest research from Counterpoint’s SEA Passenger Electric Vehicle Model Sales Tracker reveals that Southeast Asia’s (SEA) passenger battery electric vehicle (BEV) sales grew nearly 10 times year-over-year in Q1 2023.
Thailand accounted for over 75% of BEV sales in the region, followed by Indonesia and Vietnam. Chinese automakers dominated the market, with three out of every four BEVs sold being from a Chinese brand. BYD’s Atto 3 was the top-selling BEV.
- Thailand dominated the Southeast Asia BEV market in Q1 2023, accounting for over 75% of sales.
- Chinese automakers captured the majority of BEV sales in the region, with their market share increasing from 38% to nearly 75% in the past year.
- The outlook for the Southeast Asia EV market is promising, with expectations that the share of BEVs in total vehicle sales will reach 6% by the end of the year.
- Chinese EV makers have invested heavily in Thailand, with commitments of at least $1.44 billion, as they outpace their competitors and aim to increase their market share in the region.
The report also highlights the growth of hybrid electric vehicles (HEVs) in the SEA region. Thailand’s government-led efforts to promote EV sales have been successful, and the country has attracted significant foreign direct investment in the EV sector.
Chinese EV makers have committed to investing at least $1.44 billion in setting up production facilities in Thailand. Counterpoint predicts that the share of EVs in total vehicle sales in Southeast Asia could reach 6% by the end of 2023.