Latest news with #SAIC-GM-WulingAutomobileCo.
The Star
20 hours ago
- Automotive
- The Star
Chinese EV makers vie for Indonesia, Thailand sales; Japanese rivals fear market share loss
BANGKOK: Competition is intensifying among Chinese automakers over electric vehicles sales in Indonesia and Thailand, the No. 1 and No. 3 automobile markets in South-East Asia. The increase in competition has been prompted by government incentives in Indonesia and Thailand aimed at boosting their EV industries. However, the incentives bring few benefits to Japanese carmakers, which excel in the field of hybrid vehicles, raising concerns about a decline in their presence in the markets. China's SAIC-GM-Wuling Automobile Co. unveiled its Wuling Cortez Darion, a minivan the company plans to market soon, at an auto show near Jakarta in late July. In addition to an EV model of the minivan, the company also announced plans to launch a plug-in hybrid model. The vehicles will be produced at the company's plant in Indonesia. In 2023, Wuling held a 41 per cent share of Indonesia's EV sales, giving it the second largest share. But that figure plummeted to 30 per cent in 2024 after it lost customers to BYD, a major Chinese EV manufacturer that entered the country around that time. Executive Vice President Vincent Wong has said that Indonesia is the foundation of Wuling's global strategy, and the company aims to bring back its customers by expanding its product lineup. EV sales in Indonesia in 2024 totaled 43,000 units, an increase of 2.5 times from 2023. However, those sales accounted for only 5 per cent of the 866,000 total new vehicles sold that year, with the country's insufficient charging infrastructure being the primary reason. This has prompted Chinese automakers, including Chery Automobile and Beijing Auto Works, to also focus on non-EV models, such as hybrid vehicles. In Thailand, EV sales topped 10 per cent of the 573,000 total new vehicle sales in 2024. BYD secured a 40 per cent share of the EV market in the country, boosting its sales by offering large discounts. In the period from January to June 2025, BYD ranked fourth in total new vehicle sales in the country with a 7.8 per cent share, surpassing Mitsubishi Motors at 4.5 per cent. Japanese automakers entered the Thai market in the 1960s. In 2010, Japanese automakers had a market share of 92.3 per cent. However, the figure fell below 80 per cent in 2023 and dropped further to 70.6 per cent between January and June 2025. Since 2022, the Thai government has been providing subsidies of up to 150,000 baht (S$6,013), or about ¥700,000, per EV sold to companies that establish new EV production bases in the country. It is also providing other preferential measures, such as corporate income tax breaks. Many Chinese automakers are focusing on EVs, with BYD vying against Tesla, from the United States, for the top spot in global EV sales. The companies have entered the Thai market with minimal initial investment and rapidly expanded sales by offering significant discounts, which exceed the subsidies they receive. In Indonesia, where Japanese automakers had a nearly 90 per cent market share in 2024, EV-boosting policies similar to Thailand's have also been introduced. There is growing concern among Japanese carmakers that they may also lose market share to their Chinese competitors there in the future, just like in Thailand. In an effort to counter the competition, Japanese automakers are expanding their lineup of hybrid vehicles in both countries. However, as government support for hybrid vehicles is limited in the two countries, the automakers have yet to curb their declining sales. Toyota Motor plans to begin EV production in both countries by the end of 2025. Nevertheless, Japanese carmakers lag behind their competitors in bringing EVs to the market. - The Japan News/ANN
Yomiuri Shimbun
a day ago
- Automotive
- Yomiuri Shimbun
Competition Intensifying Among Chinese Carmakers over EV Sales in Indonesia, Thailand; Japanese Automakers Concerned About Market Share Loss
BANGKOK — Competition is intensifying among Chinese automakers over electric vehicles sales in Indonesia and Thailand, the No. 1 and No. 3 automobile markets in Southeast Asia. The increase in competition has been prompted by government incentives in Indonesia and Thailand aimed at boosting their EV industries. However, the incentives bring few benefits to Japanese carmakers, which excel in the field of hybrid vehicles, raising concerns about a decline in their presence in the markets. Wuling's share plummeting China's SAIC-GM-Wuling Automobile Co. unveiled its Wuling Cortez Darion, a minivan the company plans to market soon, at an auto show near Jakarta in late July. In addition to an EV model of the minivan, the company also announced plans to launch a plug-in hybrid model. The vehicles will be produced at the company's plant in Indonesia. In 2023, Wuling held a 41% share of Indonesia's EV sales, giving it the second largest share. But that figure plummeted to 30% in 2024 after it lost customers to BYD, a major Chinese EV manufacturer that entered the country around that time. Executive Vice President Vincent Wong has said that Indonesia is the foundation of Wuling's global strategy, and the company aims to bring back its customers by expanding its product lineup. EV sales in Indonesia in 2024 totaled 43,000 units, an increase of 2.5 times from the previous year. However, those sales accounted for only 5% of the 866,000 total new vehicles sold that year, with the country's insufficient charging infrastructure being the primary reason. This has prompted Chinese automakers, including Chery Automobile Co. and Beijing Auto Works, to also focus on non-EV models, such as hybrid vehicles. Crisis among Japanese makers In Thailand, EV sales topped 10% of the 573,000 total new vehicle sales in 2024. BYD secured a 40% share of the EV market in the country, boosting its sales by offering large discounts. In the period from January to June this year, BYD ranked fourth in total new vehicle sales in the country with a 7.8% share, surpassing Mitsubishi Motors Corp. at 4.5%. Japanese automakers entered the Thai market in the 1960s. In 2010, Japanese automakers had a market share of 92.3%. However, the figure fell below 80% in 2023 and dropped further to 70.6% between January and June this year. Since 2022, the Thai government has been providing subsidies of up to 150,000 baht, or about ¥700,000, per EV sold to companies that establish new EV production bases in the country. It is also providing other preferential measures, such as corporate income tax breaks. Many Chinese automakers are focusing on EVs, with BYD vying against Tesla, from the United States, for the top spot in global EV sales. The companies have entered the Thai market with minimal initial investment and rapidly expanded sales by offering significant discounts, which exceed the subsidies they receive. In Indonesia, where Japanese automakers had a nearly 90% market share in 2024, EV-boosting policies similar to Thailand's have also been introduced. There is growing concern among Japanese carmakers that they may also lose market share to their Chinese competitors there in the future, just like in Thailand. In an effort to counter the competition, Japanese automakers are expanding their lineup of hybrid vehicles in both countries. However, as government support for HVs is limited in the two countries, the automakers have yet to curb their declining sales. Toyota Motor Corp. plans to begin EV production in both countries by the end of the year. Nevertheless, Japanese carmakers lag behind their competitors in bringing EVs to the market.
