BANGKOK, July 20 (Reuters) – Chinese automakers dominated Southeast Asia’s fast-growing electric vehicle market, selling three out of every four EVs in the first quarter, research firm Counterpoint Research said on Thursday.
Thailand – the main regional auto manufacturing hub – is driving the transition, with the country accounting for almost 79% of all EVs sold in Southeast Asia in the first quarter, Counterpoint said.
Thailand has offered incentives to consumers and subsidies to automakers to build more EVs locally. That has attracted a wave of investments by Chinese carmakers in local manufacturing, including by Great Wall Motor (601633.SS) and BYD (002594.SZ).
By 2030, Thailand aims to convert around 30% of its annual production of 2.5 million vehicles into EVs.
In total, Chinese EV makers have committed to invest at least $1.44 billion in setting up production facilities in…
