Dec 11, 2022
Tesla officially launched its Model 3 and Model Y in Thailand on Dec 7th (Graph above).Some 4,000 cars were booked on the first day. What is the current situation of EV in the country? How does Tesla fare vis-a-vie its competitors in China? CASPIM updates its research on Next-Generation Automotive for NXPO of Ministry of Higher Education,Science, Research and Innovation (MHESI), Thailand:
In 2021, new xEV (Electric Vehicle) registration in Thailand was 35,740 for HEV (Hybrid Electric Vehicle), 7,080 for PHEV (Plug-In Hybrid Electric Vehicle) and 5,781 for BEV (Battery Electric Vehicle). However in 2022, BEV is the star in the market. From January to October, BEV registration skyrocketed by 231% to 15,258, compared with 78.3% (54,847) of HEV and 65% (9,691) of PHEV. This shows a promising future of BEVs in the country at the right price point and when technology improves battery life and milage.
According to the Kasikorn Research Center, the market share of Chinese EV makers in Thailand is expected to rise from 58 percent last year to around 80 percent this year.China Passenger Car Association data shows Thailand now ranks third as an export destination for Chinese EVs, behind Belgium and the U.K. Based on new vehicle registration data from the Department of Land Transport of Thailand, Chinese models dominated the the Thai BEV market so far (Table 1), led by Ora Good Cat of GWM and MG EP of SAIC Motor.
After the official launch of Model 3 and Model Y in Thailand, Tesla next year will face the Chinese competitors like Ora Good Cat GT of GWM, XC40 Recharge of VOLVO, ZS EV and EP of MG, e6 and Atto 3 of BYD (Figure 1).
In terms of local production, while Tesla delivers from Giga Shanghai in China, GWM already rolled off its 10,000th HEV from its plant in Rayong on September 2nd. SAIC Motor-CP planned to launch local EV production in 2023. BYD, the biggest EV maker in the world, is building its first overseas EV plant in WHA industrial park of EEC, in operation by 2024.