Search Results for: Chinese EV manufacturers
- Business News
Thai factory closures, a victim of Chinese imports surge
Chinese electric vehicle (EV) manufacturer BYD recently opened its inaugural Southeast Asian factory in Thailand, garnering considerable attention and praise for the country’s industrial foresight. However, this development also adversely affected long-established Japanese automakers, leading to a ripple effect across numerous Thai factories. A crucial development went relatively unnoticed as Suzuki Motor announced the closure of its Thai factory, with…
- Transport News
Chinese EV makers dominate Southeast Asia, ICE cars decline
Chinese electric vehicle (EV) sales are rapidly increasing in Southeast Asia, with China’s BYD (Build Your Dreams) and Vietnam’s VinFast spearheading the charge. Counterpoint Research reported that EV sales in the region more than doubled from January to March compared to the same period last year, while sales of internal combustion engine (ICE) cars decreased by 7%. The previous year…
- Business News
Shock to the system: Chinese EV makers’ global charge struggle
Chinese electric vehicle (EV) makers face a challenge in maintaining their global image as price competition abroad raises concerns about the quality and reliability of their cars, according to consultancy Bain & Co. Bain & Co advises Chinese EV manufacturers, who already have a cost advantage over international competitors, to shift their focus to premium and expensive models rather than…
- Business News
US imposes major tariffs on Chinese EVs and semiconductors
The United States recently imposed substantial tariffs on Chinese products, focusing particularly on electric vehicles (EVs) and semiconductors. This move is expected to push China to expand its EV manufacturing within Asia, with Thailand emerging as a significant export hub, according to the Federation of Thai Industries (FTI). President Joe Biden’s administration cited Beijing’s unfair trade practices as the reason for…
- Thailand News
Toyota’s electric pickup fleet revs up Thai beaches
Toyota’s groundbreaking project in Pattaya showcases nine fully electric Hilux Revo pickup trucks revamped for public transport, marking a pivotal moment in Thailand’s automotive landscape. Reflecting Japan’s determination to reclaim the electric vehicle (EV) market throne from Chinese rivals, this initiative aims to redefine urban transit in the Land of Smiles. Surapoom Udomwong, Executive Vice President of Toyota Motor Thailand…
- Business News
Hyundai’s electrifying dismay: Thailand EV sales spark low
Hyundai Mobility Thailand, the Korean automaker’s subsidiary, warns that this year’s electric vehicle (EV) sales in Thailand may fall short of the predicted 130,000 units. The company cites an ongoing price war amongst Chinese EV manufacturers as the primary obstacle, leading to unstable car prices and discouraging potential buyers. The managing director of Hyundai Mobility Thailand, Wallop Chalermvongsavej, noted the…
- Business News
Thailand likely to house major EV battery factory within two years
The Board of Investment (BoI) anticipates the establishment of a substantial facility for the manufacturing of battery cells for electric vehicles (EVs) in Thailand within a two-year timeframe. This projection follows a promotional roadshow conducted by the BoI in China just last week. Narit Therdsteerasukdi, the BoI Secretary-General, explained that this roadshow emphasised the benefits and incentives being offered to…
- Business News
Chinese firms eye EV supply chain in Thailand’s Smart Park
Chinese companies have shown keen interest in the EV supply chain and energy sectors of the Smart Park Industrial Estate, situated in Rayong, Thailand. This industrial estate is due to open by the end of the current year, according to the Industrial Estate Authority of Thailand (IEAT). The companies aim to establish factories manufacturing EV components to cater to the…
- Business News
Thai EV market shifts into gear with Chinese investment
Major automobile companies are forecasting a rapid escalation in the Thai electric vehicle (EV) market, propelled by increased investment from Chinese EV manufacturers. This is anticipated to ignite a price war as manufacturers strive to lure consumers with competitive pricing. This viewpoint was shared by Narong Sritalayon, the managing director of Chinese automaker Great Wall Motor (GWM), in a statement…
- Business News
Chinese EV investments in Thailand linked to zero dollar tours
Chinese Electric Vehicle (EV) makers’ investments in Thailand have sparked comparison with a notorious scam, the zero dollar tours, among some industry insiders. The scam, which came into the limelight in 2016, involved Chinese tourists being enticed with inexpensive tour packages in Thailand, only to be compelled to purchase overpriced souvenirs and services. The parallel is being drawn because Chinese…
- Business News
Charged up: Thai finance chief sparks debate on EV development
Thailand’s finance permanent secretary stressed the need for the country to continue developing its electric vehicle (EV) sector, despite concerns about the arrival of the Chinese EV supply chain in the local automobile industry. Lavaron Sangsnit warned that without active policies to encourage EVs, Thailand may be overlooked as a locale for factory establishment due to the lack of essential…
- Business News
Krungsri Auto predicts minimal growth in new auto loans despite EV boom
Krungsri Auto, Thailand’s leading auto loan provider, predicts a mere 0.4% increase in its new auto loans for 2024, despite the anticipated boom in electric vehicle (EV) sales at the upcoming 45th Bangkok International Motor Show. This forecast was shared by Congsin Congcar, the head of Krungsri Auto Group, after the company issued over 223 billion baht in new auto…
- Automotive
Electric dreams: 2024’s game-changing EV innovations
As you delve into the world of electric vehicles (EVs) in 2024, you’re stepping into a rapidly evolving landscape. The shift towards electric mobility is gaining momentum, with used EV sales playing a pivotal role in making green transportation more accessible. This surge in interest is not just about new models hitting the market; it’s about how the availability of…
- Thailand video news
Thailand Video News | Bangkok Brawl between Filipino and Thai trans groups, Tesla eyes Thailand for new EV factory
In this video, Alex and Jay delve into the latest news in Thailand. Beginning with a brawl between Thai and Filipino trans groups erupts in Bangkok, while Elon Musk eyes the country for a new EV factory. In a surprising turn, former PM Yingluck Shinawatra is acquitted by the Supreme Court, amidst a backdrop of political tension. Meanwhile, two extraordinary…
- Business News
Thai govt to review ASEAN-China FTA amid business concerns
The Trade Negotiations Department and Team Thailand, a government body focused on bolstering economic growth, have been directed by the Commerce Ministry to undertake a comprehensive study of products under the ASEAN–China Free Trade Agreement (ACFTA). This comes in response to concerns over the surge of low-cost Chinese goods in the domestic market. Commerce Minister Phumtham Wechayachai announced the ministry’s…
- Business News
Thai authorities tackle surge in cheap Chinese imports
A surge in cheap Chinese products flooding Thai markets, particularly through e-commerce platforms, has prompted Thai authorities and organisations to seek measures to protect local producers. The influx has negatively impacted local small manufacturers of household goods and has boosted calls for the Revenue and Customs departments to expedite their efforts in controlling this wave of low-cost goods. Prime Minister…
- Business News
Thailand incentivises companies to go green with EV conversion
The Thailand government confirmed yesterday that measures have been approved to encourage companies to convert their commercial fleets of large trucks and buses to battery electric vehicles (EVs). This move aims to increase the adoption of EVs and support companies in achieving their net-zero targets. In addition, cash grants will be provided for EV battery cell manufacturers. These policies are…
- Business News
FTI urges protection for SMEs against cheap Chinese imports surge
The Federation of Thai Industries (FTI) is advocating for enhanced protection of small and medium-sized enterprises (SMEs) against the surge of inexpensive Chinese products. Kriengkrai Thiennukul, FTI chairman, revealed that the importation of these products has caused certain local manufacturers, predominantly SMEs, to cut their production by 50%. The FTI asserts that some imported goods require comprehensive inspection, as they…
- Thailand News
Thai customs halt import of Chinese elephant-patterned trousers
A directive to halt the importation of Chinese elephant-patterned trousers has been issued by the Thai Customs Department, following the registration of the pattern’s copyright, according to statements from Commerce Minister Phumtham Wechayachai on Monday. The Department of Intellectual Property (DIP) is presently conducting an inquiry into the ongoing imports from China, as shared by Phumtham. The issue surrounding this…
- Business News
EV and SUV sales set for boost in Thailand amid automotive industry changes
This year, the automotive industry anticipates uneven sales growth, shaped by motorists’ evolving preferences and lenders’ decision-making. Electric vehicle (EV) makers and banks will be crucial in shaping domestic sales, especially within the pure pickup category. As per the Federation of Thai Industries (FTI), EVs, pickup passenger vehicles (PPVs), and sport utility vehicles (SUVs) are predicted to be this year’s…
- Business News
Thailand expects major rise in EV imports under new four-year plan
The director-general of the Excise Department projected a significant increase in electric vehicle (EV) imports, with an estimated 175,000 units expected to reach Thailand within two years. This comes as part of a four-year plan, EV3.5 (2024-27), which requires importers to establish a production base in the country from 2024-25 onwards, to replace imports with domestically produced EVs. The plan…
- Business News
Thailand’s EV sales projected to double by year-end
Thailand is set to witness a significant spark in electric vehicle (EV) sales, potentially doubling the figures by year-end, driven by Chinese manufacturers and approximately US$2.4 billion in government incentives, bolstering consumer demand. Krisda Utamote, Electric Vehicle Association of Thailand President, forecasted that new battery EV registrations might exceed 150,000 by the year’s end in a recent interview in Bangkok.…
- Business News
Global car firms urge fair Thai EV promotion amidst competition fears
European, American, and South Korean automobile manufacturers are urging the Thai government to ensure its electric vehicle (EV) promotion policy benefits all EV makers evenly. This plea arises amidst growing concerns that Chinese and Japanese rivals might be enjoying an unfair advantage. Industry Minister Pimphattra Wichaikul revealed these countries are seeking enhanced support for their EV sales and automotive supply…
- Business News
Thai industries foresee slow growth, tourism still below 2019 levels
The Federation of Thai Industries (FTI) anticipates sluggish growth for the steel and internal combustion engine (ICE) industries this year, whilst the tourism sector remains unlikely to reach 2019 levels. FTI chairman Kriengkrai Thiennukul emphasised the need for economic measures to support certain industries due to these projected declines. The steel and iron industry faces a slowdown as state construction…
- Business News
Japanese car makers risk lagging behind in EV production, warns Thai PM
Srettha Thavisin, the Prime Minister and Finance Minister, issued a cautionary note to Japanese car manufacturers, warning that they risk falling behind in the industry unless they accelerate the production of electric vehicles (EVs). This comes as Chinese competitors continue to gain a substantial market share in Southeast Asia. The business mogul turned political figure voiced his concerns during an…
- Business News
Thai auto market anticipates price war as Chinese EVs flood in
The Thai auto market is bracing for a potential price war as the influx of affordable electric vehicles (EVs), mainly from China, threatens the traditional dominance of internal combustion engine (ICE) vehicles. Over the next few years, the competition is set to escalate as two to three Chinese automakers plan to roll out their EVs in Thailand, capitalising on the…
- Automotive
Chinese EV’s controlling Thai electric vehicle market
Chinese automaker BYD has made significant inroads into the Thai electric vehicle (EV) market, with its popular Atto 3 SUVs which is capturing a 31% market share within 12 months of its launch in October last year. This is a figure that far surpasses the 9,200 new vehicles registered by the Chinese-made Neta V and the Tesla Model Y, which…
- Business News
Thai EV stocks to soar with renewed government support measures
Electric vehicle (EV) and battery manufacturing-related stocks are predicted to gain from the upcoming renewal of EV support measures by the government next year, according to Asia Plus Securities (ASPS). The EV Policy Committee will convene today, with new support measures for electric cars and pickups being anticipated. These measures are expected to adjust the subsidy to fall between 50,000…
- Business News
Chinese investment in Thailand gains speed amidst economic slowdown
Chinese firms have significantly increased their investment in Thailand this year, despite China’s economic slowdown, providing a much-needed boost for the Thai Prime Minister, Srettha Thavisin. The increase in investment comes as a welcome relief amid concerns about the impacts of the world’s second-largest economy’s sluggish recovery on global growth. However, Thailand continues to appeal as a crucial investment hub…
- Economy News
FTI urges new regulatory body to curb cheap Chinese imports
The Federation of Thai Industries (FTI) urged the Industry Ministry to establish a novel regulatory body to supervise product standards. The move is intended to curb the influx of inexpensive Chinese imports, which the FTI claims are flooding the Thai market. The FTI did not clarify whether the proposed regulatory body would be governed by the state or the business…
