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EVs in ASEAN Thailand vs Indonesia: Leading and Rising EV Production Hub

Auto production is forecast to drop by -3.5% to -2.5% annually from 2024 to 2026 as a result of weakness in the domestic market through 2024 and greater competition from imported EVs. However, output should improve somewhat in 2025 and 2026. Domestic sales in 2024 will decline by -4.5% to -3.5%

Over 2024 to 2026, the outlook for the domestic EV industry will remain positive thanks to strength on both the demand and supply sides of the market, driven by: (i) the continuation of subsidies for buyers of BEVs, which will help to push new registrations of total passenger BEVs to an annual total of around 190,000 vehicles; (ii) the enforcement of provisions in the EV 3.0 and EV 3.5 measures requiring manufacturers to compensate for imports of EVs with domestically produced vehicles;

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The auto industry will see continuing growth through the period 2023-2025 thanks to a combination of factors. (i) The recovery in the overall economy and purchasing power with softer inflationary pressure (ii) Although conflicts between the US and China over access to technology will mean that periodic problems with chip shortages will persist through 2023, greater investment in production capacity in the US, Germany, and Japan will translate into increased output, and so in 2024 and 2025, semiconductor supply problems should ease. (iii) Government measures to stimulate demand for battery electric vehicles will continue to support the market. (iv) Government spending on infrastructure development, growth in logistics and online retail,

The automobile industry in 2020 is likely to shrink strongly. The result of the global COVID-19 virus outbreak. Disrupted the automobile production chain

The EV price war in Thailand began in 2022 due to intensifying market competition, forcing EV manufacturers to cut production costs to maintain profitability.