Thailand’s electric vehicle market heats up

Electric vehicles inside BYD's factory in Rayong, Thailand

Hyper-competition in China's electric vehicle sector is spilling over to its biggest market in Asia, Thailand, as smaller players struggle to compete with dominant BYD, putting ambitious local production plans at risk.

Neta, among the earliest Chinese EV brands to enter Thailand in 2022, is an example of a struggling automaker finding it difficult to meet the requirements of a demanding government incentive programme meant to boost Thai EV production.

Under the scheme, carmakers are exempt from import duties, but were obligated to match import volumes with domestic production in 2024.

Citing slowing sales and tightening credit conditions, carmakers asked the government to adjust the scheme and the 2024 production shortfall was rolled over into this year.

Neta has said that it cannot produce the required number of cars locally and the Thai government has withheld some payments to the EV maker, according to the Excise Department under the Ministry of Finance of Thailand./.

VNA

Source: https://en.vietnamplus.vn/thailands-electric-vehicle-market-heats-up-post322251.vnp