BANGKOK, July 20 (Reuters) - Chinese automakers dominated Southeast Asia's fast-growing electric vehicle market, selling three out of every four EVs in the first quarter, research firm Counterpoint Research said on Thursday.
Thailand - the main regional auto manufacturing hub - is driving the transition, with the country accounting for almost 79% of all EVs sold in Southeast Asia in the first quarter, Counterpoint said.
"Chinese auto groups are experiencing rapid growth and outpacing their competitors in the SEA (Southeast Asia) region, with their market share increasing from 38% a year ago to nearly 75%," Counterpoint analyst Abhilash Gupta said.
With Chinese EV offerings expanding, Counterpoint said the share of EVs as a percent of total vehicle sales in Southeast Asia could reach 6% by the end of 2023.
Indonesia, Thailand and Malaysia are the largest auto markets in Southeast Asia.
Persons:
Abhilash Gupta, Devjyot Ghoshal, Emma Rumney
Organizations:
Research, Great Wall, Chinese EV, SEA, Hozon New Energy Automobile, Thomson
Locations:
BANGKOK, Thailand, Southeast Asia, Chinese, Asia, Indonesia, Malaysia, Vietnam, Philippines, Singapore, Myanmar