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Southeast Asia BEV Sales Up 10x YoY in Q1 2023

Southeast Asia’s passenger battery electric vehicle (BEV) sales grew by almost 10 times year-on-year (YoY) in the first quarter (Q1 2023), according to the latest research from Counterpoint Technology Market Research’s SEA Passenger Electric Vehicle Model Sales Tracker.

The share of BEVs in total passenger vehicle sales experienced significant growth in Q1 2023, reaching 3.8% compared to a mere 0.3% one year ago. Thailand emerged as the leading country, capturing over 75% of the BEV sales, followed by Indonesia and Vietnam. Thailand also boasted the highest proportion of BEVs in total passenger vehicle sales, followed by Singapore and Vietnam. However, plug-in hybrid electric vehicle (PHEV) sales saw a modest YoY growth of 5.8%.

SEA region BEV sales share by major countries, Q1 2023

“Thailand’s government-led efforts to promote EV sales have yielded positive outcomes, while Indonesia and Vietnam are also performing well in the region. However, Malaysia, Philippines and Myanmar require additional regulatory support and encouragement to foster EV growth. Despite overall passenger vehicle sales remaining relatively stagnant, the sales of BEVs have experienced a significant and rapid expansion. Besides, the market for hybrid electric vehicles (HEVs) has experienced remarkable growth in SEA, playing a pivotal role in the transition from traditional internal combustion engine (ICE) vehicles to EVs,” said Research Analyst Abhilash Gupta. “Chinese auto groups are experiencing rapid growth and outpacing their competitors in the SEA region, with their market share increasing from 38% a year ago to nearly 75%. In Q1 2023, BYD Group emerged as the BEV leader in the SEA region, capturing the majority of sales, followed by Hozon New Energy, and SAIC Group. These top three groups collectively accounted for over 68% of the BEV market. In the PHEV market, Geely Holding Group claimed the top position, followed by BMW Group, and Mercedes-Benz Group.”

BYD’s Atto 3 was the best-selling BEV across SEA, followed by the Neta V and Tesla Model Y. In PHEVs, Volvo’s XC60 sold the most, followed by the BMW 3 series and Mercedes-Benz E-Class.

SEA top 3 BEV sales share, Q1 2023 & SEA top 3 PHEV sales share, Q1 2023

“In addition to offering subsidies and tax incentives, Thailand’s government has set ambitious goals to position itself as a global hub for EV production. The country’s EV sector has witnessed a significant rise in foreign direct investment (FDI) in the past year. Notably, several Chinese automakers, including Great Wall Motors, BYD, Hozon New Energy and Changan Automobile, have shown interest in establishing or have already commenced the construction of production facilities in Thailand. Similarly, Indonesia announced a subsidy package in March 2023 to promote the purchase and manufacturing of EVs, with a special focus on increasing local production. This move is expected to further accelerate the production and sales of EVs in the region,” said Senior Analyst Soumen Mandal.

He added that the Chinese presence in the SEA EV market is poised to strengthen as they establish regional manufacturing bases, thereby driving further growth in the EV sector.

“The overall sales of EVs are experiencing an upward trajectory in the SEA region. The outlook appears promising, and there is an expectation that the share of BEVs in total vehicle sales will reach 6% by the end of this year,” Mandal said.

*Sales refer to wholesale figures, i.e. deliveries from factories by the respective brands/companies.

SEA here includes Indonesia, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.

Source : EE Times Asia