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Southeast Asia market will become a competitive place for Chinese and Japanese car companies

Setec Powerr

In addition, other countries in Southeast Asia, besides Thailand, are in the midst of similar changes as the world’s fifth largest economy with a consumer market of 660 million people, Thailand, Vietnam, Singapore, and Indonesia together sold only 13,000 new energy vehicles in the first half of 2022.

Asia 97
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Nearly one in five cars sold worldwide in 2023 was electric: IEA | Autocar Professional

Baua Electric

Chinese car makers can undercut rivals in Europe because their production costs are heavily subsidised. VinFast is looking to enter regional markets, such as India, where it broke ground on an integrated EV manufacturing plant in February 2024 , and the Philippines. China exported over 1.2