Counterpoint: Chinese brands accounted for 75% of the electric vehicle market in Southeast Asia in the first quarter

CTOnews.com, July 20 (Xinhua)-- Chinese automakers dominate the fast-growing electric vehicle market in Southeast Asia, accounting for 3/4 of electric vehicle sales in Southeast Asia in the first quarter, according to a report released today by market research firm Counterpoint Research.

Thailand is the main regional car manufacturing center in Southeast Asia, accounting for 79 per cent of electric vehicle sales in Southeast Asia in the first quarter, according to Counterpoint, an official at ▲ Touyuan BYD.

Thailand is providing consumers with incentives to buy electric cars and subsidies to carmakers to produce more electric vehicles locally. CTOnews.com previously reported that Chinese manufacturers, including Great Wall Motor and BYD, have invested in production in Thailand. Thailand aims to convert about 30 per cent of its 2.5 million cars a year into electric vehicles by 2030.

"Chinese carmakers are experiencing rapid growth in south-east Asia and surpassing their competitors, increasing their market share to nearly 75 per cent from 38 per cent a year ago," said Abhilash Gupta, an analyst at Counterpoint.

Across south-east Asia, electric vehicles accounted for 3.8 per cent of total passenger car sales in the first quarter, up from 0.3 per cent in the same period last year, according to Counterpoint. In terms of models, BYD ATTO 3, Hezhong Neta V and Tesla's Model Y are the most popular models.

Counterpoint predicts that with the expansion of electric vehicle products in China, electric vehicles may account for 6 per cent of total car sales in Southeast Asia by the end of 2023.