[Preview of the Weekly] Chinese Electric Vehicles Challenge Japanese Firms in Thailand, Shifting to a Global Mindset in Overseas Competition (AI Translation)
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- Chinese electric vehicle (EV) manufacturers are increasingly penetrating the Thai market, which has become the top overseas market for China's EV sales. In the first three quarters of the year, China exported 117,000 new energy vehicles to Thailand, nearly doubling year-on-year and accounting for almost 10% of total exports. The surge in Thailand's EV market began in 2022 due to rising fuel prices and favorable government policies like 'EV3.0' that promote imports and local consumption with tax incentives.
- Several Chinese automakers have signed up for Thailand's 'EV3.0' policy and plan to establish local manufacturing by 2024 at the latest. BYD, NETA Auto, SAIC Motor CP (a joint venture between SAIC Group and Thailand’s Charoen Pokphand Group), Great Wall Motors, Changan Automobile, GAC Aion, and Chery Automobile are among those expanding their presence in Thailand. These companies aim to serve not only the Thai market but also the broader ASEAN region and other right-hand drive markets such as Australia and New Zealand.
- The Thai government is encouraging foreign automakers to set up local EV production capacities through policies like 'EV3.5,' which will be implemented from 2024 to 2027. This move aims to transform Thailand into a regional hub for electric vehicle production while maintaining its role as the 'Detroit of the East.' However, there are concerns about potential oversupply and price wars as more players enter an already competitive market.
文｜财新周刊 余聪
By Caixin Weekly's Yu Cong
在泰国曼谷市区通往素万那普国际机场的高速路上，比亚迪（002594.SZ/01211.HK）海豚车型的户外广告赫然伫立。日系车巨头丰田汽车在曼谷最热门商场ICONSIAM暹罗天地的门店，也在两年前改头换面，成了中国车企长城汽车（601633.SH）的用户体验中心。
On the expressway leading to Suvarnabhumi International Airport in downtown Bangkok, Thailand, an outdoor advertisement for the BYD Dolphin model (002594.SZ/01211.HK) stands prominently. Two years ago, a store in ICONSIAM, one of Bangkok's most popular malls and previously occupied by Japanese automotive giant Toyota, underwent a transformation to become a user experience center for Chinese carmaker Great Wall Motors (601633.SH).
曼谷街头，在一众日系品牌车流中，已有越来越多中国新能源汽车的身影。
On the streets of Bangkok, amidst a stream of Japanese brand vehicles, an increasing number of Chinese new energy cars are making their presence felt.
人口7000万、人均国内生产总值（GDP）超过7000美元的泰国，实际是中国新能源汽车海外销量第一的市场。乘联会秘书长崔东树整理的数据显示，今年前三季度，中国新能源汽车向泰国出口11.7万辆，同比几近翻倍，占当期出口总量近10%。比利时虽是同期中国新能源车出口量第一的国家，但其为欧洲新能源车集散地，并非仅靠本国市场消化。
Thailand, with a population of 70 million and a per capita GDP exceeding $7,000, is actually the largest market for China's new energy vehicle (NEV) exports. Data compiled by Cui Dongshu, Secretary-General of the China Passenger Car Association (CPCA), shows that in the first three quarters of this year, China exported 117,000 NEVs to Thailand, nearly doubling year-over-year and accounting for almost 10% of total export volume during the period. Although Belgium was the top country for Chinese NEV exports in the same period, it serves as a distribution hub for new energy vehicles in Europe rather than relying solely on its domestic market for consumption.
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