EV

  • Business News

    Euro EV sales dip but Thai operators charge ahead with optimism

    Despite a recent 11% drop in electric vehicle (EV) sales in Europe, Thai business operators remain optimistic about local EV market growth. They believe that the circumstances in Thailand significantly differ from those in Europe, making direct comparisons of the two markets inappropriate. The European EV market downturn, says Bloomberg, is attributed to factors such as high insurance and repair…

  • 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

    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

    EA plans expansion in renewable power and EV sector

    Renewable energy and electric vehicle (EV) developer, Energy Absolute Plc (EA), is set to expand its power business. The decision comes after a pause in the introduction of new projects since 2019. Currently, the firm’s wind and solar farms generate a capacity of 664 megawatts. The company’s CEO, Somphote Ahunai, noted in a 2020 interview that EA diversified into EV-related…

  • Thailand News

    BMTA set to go green with 3,390 electric buses

    Bangkok Mass Transit Authority (BMTA) embarks on an initiative to replace its ageing fleet with 3,390 electric buses, announced Deputy Transport Minister Manaporn Charoensri. During a recent board meeting, it was revealed that the BMTA has prioritised the urgent acquisition of new electric buses, aligning with its commitment to mitigate environmental impact across the metropolitan area. Manaporn, overseeing the BMTA,…

  • Business News

    Thai EV sales surge by 603% amid government incentives

    Battery electric vehicles (BEVs) sales in Thailand surged by 603% year-on-year to 73,568 units last year, with the upward trend expected to continue throughout this year, as per the Federation of Thai Industries (FTI). This growth is expected to outstrip that of internal combustion engine (ICE) vehicles, which witnessed a 13.7% year-on-year sales decline to 238,570 units in 2023, capturing…

  • Business News

    Kia considers setting up electric vehicle factory in Thailand

    Premium Korean car manufacturer, Kia, is exploring the possibility of setting up an electric vehicle (EV) factory in Thailand, as per an announcement made by Kia Sales (Thailand). The move comes in response to the rapidly expanding EV market in the country. If approved by Kia Corporation, the parent company which falls under the Hyundai Motor Group, Thailand would become…

  • Automotive

    Electrifying the future: Thailand’s EV market in 2024

    Diving into Thailand’s EV market in 2024, you’re stepping into a landscape brimming with both hurdles and potential. This dynamic market, pivotal for investors eyeing the Asian electric vehicle (EV) scene, offers a unique blend of challenges and opportunities. As you navigate through, understanding these aspects becomes crucial for tapping into its vast potential. The current state of the Thailand…

  • Automotive

    Watts up with EVs? Decoding consumer attitudes

    Electric vehicles (EVs) are rapidly carving out a niche in Thailand’s automotive landscape, spurred by a growing awareness of environmental concerns and the urgent need to slash greenhouse gas emissions. As traditional combustion engines increasingly fall out of favour, EVs are stepping up as the green alternative, promising a cleaner, more sustainable future on the roads. Consumer attitudes towards EVs…

  • Business News

    BMW to establish first SE Asian EV battery factory in Thailand

    BMW Group Thailand revealed plans to establish an electric vehicle (EV) battery factory in the country this year. This move is in response to China’s escalating EV investment and supply chains in Thailand. The factory, to be positioned in Rayong, will bolster the firm’s sales of battery EVs and plug-in hybrid EVs. The company’s president and CEO, Alexander Baraka, revealed…

  • Business News

    Thailand promotes electric trucks and buses with new incentives

    The National Electric Vehicle Policy Committee in Thailand has given the green light for incentives aimed at encouraging companies to switch their commercial fleets of large trucks and buses to battery electric vehicles (BEVs). The committee has also approved cash grants for manufacturers of EV battery cells. The secretary-general of the Board of Investment and secretary of the Electric Vehicle…

  • Business News

    New EV incentives boost investment in Thai automotive sector

    The Federation of Thai Industries (FTI) expressed confidence in the transformative potential of the new electric vehicle (EV) incentive packages, anticipating a significant boost to investment in the automotive sector and related businesses. As Thailand strives for sustainable economic growth and enhanced competitiveness, surges in investment are vital, particularly in the targeted S-curve industries encompassing next-generation vehicles. Surapong Paisitpatanapong, the…

  • 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…

  • Transport News

    Automakers’ ties to forced labour in China under scrutiny, says HRW report

    Five prominent automakers, including Toyota, General Motors, Volkswagen, Tesla, and China’s BYD, have questionable ties to forced labour in China’s Xinjiang region, as identified by a report by Human Rights Watch (HRW). Xinjiang, an important aluminium producer contributing to approximately 9% of the global supply, has been linked to state-sponsored labour transfer programs accused of coercing Muslim minorities into forced…

  • Business News

    Rental woes: KCar sees slowdown as lending rules put brakes on second-hand marke

    KCar, formally known as Krungthai Car Rent & Lease Plc, anticipates a deceleration in the second-hand car and car rental markets as financial institutions continue to enforce stringent lending criteria. This is attributable to high levels of household debt and subdued purchasing power. Pichit Chantarasereekul, the managing director of KCar, highlighted that banks are increasingly cautious due to the high…

  • Thailand News

    Thailand unearths lithium and sodium, amps up as EV battery hub

    Thailand discovered two significant deposits of lithium and sodium, key ingredients for electric vehicle (EV) battery production, marking the country’s stride towards becoming a central and primary production base in the region. Radklao Inthawong Suwankiri, the Deputy Spokesperson for the Prime Minister’s Office, revealed that the Ministry of Industry’s expedited exploration led to the discovery of the lithium mines, known…

  • 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

    BYD challenges Tesla’s supremacy with record EV sales in Q4

    Leading Chinese car manufacturer BYD reported selling 526,409 fully electric vehicles (EVs) in the fourth quarter, challenging Tesla’s global market leadership. According to a stock exchange filing, BYD’s sales, boosted by end-of-year discounting, hit 340,178 EV and hybrid units in December, including 190,754 all-electric models. Overall, BYD reported a 62% year-on-year increase in 2023, selling 3.01 million units. The Shenzhen-based…

  • Thailand News

    Japan revs up Thai automotive industry: Major automakers inject 150 billion baht boost

    In a move set to ignite Thailand‘s automotive industry, four major Japanese car giants are gearing up to pump a staggering 150 billion baht into manufacturing electric vehicles (EVs) in the country. This collaboration underscores Thailand’s ascent as a powerhouse in the automotive world and spotlights the government’s triumphant push towards an electrifying future. Four heavyweight Japanese automotive juggernauts are…

  • Thailand News

    Thai BOI reveals game-changing green plan with 150 billion baht EV investment

    The Board of Investment (BOI) of Thailand has declared its strategic vision for the next four years, placing a robust emphasis on the burgeoning sectors of bio, circular, and green (BCG) industries. Speaking passionately at the Go Thailand: Green Economy-Land Bridge forum in Bangkok, BOI secretary-general Narit Therdsteerasukdi highlighted the global trend towards sustainability in business operations. “From BOI’s roadshow…

  • Thailand News

    Thai PM seeks Japanese investment in country’s EV industry

    Thailand Prime Minister Srettha Thavisin is set to persuade top Japanese car manufacturers to invest in Thailand’s burgeoning electronic vehicle (EV) industry, boarded a plane to Japan yesterday. The visit, marking his first to Japan since his tenure as prime minister began, coincides with the 50 Years of the Asean-Japan Friendship and Cooperation Commemorative Summit. Accompanying the 61 year old…

  • Business News

    Electric dreams charge ahead: Aiming for a ‘shocking’ 359,000 EVs in the next year

    Aiming for a substantial boost in their electric vehicle (EV) production, Thai authorities have set a target of 359,000 units for the coming year. This ambitious plan is supported by a 39.5 billion baht investment, as confirmed by industry insiders. The Office of Industrial Economics (OIE) is optimistic that the state’s EV policy, coupled with incentives for investment, will lead…

  • 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

    High depreciation of EVs raises loan concerns says National Credit Bureau

    The National Credit Bureau (NCB) raised concerns about the high depreciation rates of electric vehicles (EVs) and the associated loan risks. As the popularity of EVs, particularly Chinese brands, continues to rise, so does the volume of loans attributed to their purchase. However, EVs depreciate faster than traditional internal combustion engine (ICE) cars, which has heightened the risk for auto…

  • Transport News

    Thailand’s transport ministry commits to 100% public electric vehicles

    A bold step towards a greener future was taken by Thailand’s Transport Ministry as it committed to transforming its entire fleet of public transport vehicles into a 100% electric. The initiative, as announced by the Transport Minister, Suriya Jungrungreangkit, begins with the electric conversion of the limousine service of the Airports of Thailand (AoT). This development was shared during Suriya’s…

  • 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…