Dear reader,
The ASEAN electric vehicle (EV) market is poised for significant growth, driven by favourable regulations, partnerships with Chinese automakers, and a robust automotive production base.
Maybank Investment Bank highlights that countries like Malaysia, Indonesia, Vietnam, Singapore, and Thailand are witnessing a notable uptick in EV sales.
In Malaysia, a 142% increase in fully electric car sales is fuelled by potential cuts in fuel subsidies, which would make EVs more competitive. Indonesia’s market is buoyed by government incentives like sales tax discounts and import duty suspensions, encouraging companies like BYD and VinFast to establish local facilities.
Singapore and Thailand also show impressive growth, with Singapore’s EV sales surging by 218%, aided by significant tax incentives and a shift towards greener transportation. Thailand’s market, although currently experiencing a slowdown, is set to benefit from substantial investments by Chinese automakers despite a broader decline in overall car sales.
Globally, the EV market faces challenges such as the end of European subsidies and tariff increases on China-made cars.
However, the overall trend remains positive, with global EV sales expected to reach 17 million units in 2024. Hybrid vehicles are also regaining popularity as a transitional solution, addressing range anxiety and infrastructure concerns, particularly in regions like Japan and the US.
This dynamic landscape suggests a promising future for EV adoption, especially in ASEAN, as regulatory support and strategic partnerships continue to drive growth.
Sainul,
Editor.
NEWS & VIEWS
Maybank says electrical vehicle sales will pick up in ASEAN
The research house said favourable regulations, local brands and penetration of Chinese carmakers would drive EV sales higher in ASEAN; ASEAN is witnessing a pick-up in electric car sales, mainly in Malaysia, Indonesia and Vietnam.
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