Laos Post

Monday, Jul 15, 2024

China's EV Industry Targets Southeast Asia Amid Global Expansion

Chinese Automakers Aim to Dominate the Booming Southeast Asian EV Market
China’s burgeoning electric vehicle (EV) industry is aiming to dominate the Southeast Asian market as part of its larger goal to lead the global EV sector. This move follows China’s record-breaking export figures in 2023, when the country shipped 1.2 million electric vehicles and 4 million conventional cars primarily to Europe and the Asia-Pacific regions, including Thailand and Australia.

China’s rapid growth in the EV sector has attracted increased attention from the United States and the European Union, which have implemented tariffs to protect their domestic industries.

The global EV market has experienced significant growth, with over 13 million EVs registered in 2023—3.5 million more than the previous year. China accounted for nearly 60 percent of these registrations, followed by Europe at 25 percent and the United States at 10 percent.

Chinese automakers such as BYD Auto, SAIC Motor, Li Auto, Geely, and Chery captured 53 percent of the global EV market share in 2023. BYD notably surpassed Tesla as the world’s best-selling EV brand within the same year.

China is now focusing on Southeast Asia, where EV demand surged by 894 percent in 2023. Chinese firms are investing heavily in the region, setting up production facilities and leveraging their cost advantages to outpace Western and other Asian competitors.

Thailand has become a key market in China’s expansion strategy. On July 4, China launched its first EV manufacturing plant in Rayong, Thailand, with the introduction of the BYD Dolphin. This facility can produce 150,000 vehicles annually. In addition to Thailand, China is also establishing manufacturing plants in Uzbekistan, Hungary, and Brazil.

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