Asia New Vision Forum: Southeast Asia EV Industry Set to Gain From Chinese Supply Chain Shift

00:00

00:00/00:00

Listen to this article 1x

Yuan Bing, co-founder and managing partner of Rockets Capital. Photo: Caixin

As Chinese automakers shift their supply chains to Southeast Asia, they will boost the region’s electric-vehicle (EV) industry, which has been struggling to grow due to a lack of charging infrastructure, said a venture capitalist at a Caixin-hosted forum Thursday.

In the first half of this year, only 45,000 EVs were sold in the ASEAN region, which consists of 10 Southeast Asian countries, Yuan Bing, co-founder and managing partner of venture capital fund Rockets Capital, said at the Asia New Vision Forum 2024 in Singapore.

You've accessed an article available only to subscribers

Subscribe today for just $.99.

VIEW OPTIONS

Unlock exclusive discounts with a Caixin group subscription — ideal for teams and organizations.

Subscribe to both Caixin Global and The Wall Street Journal — for the price of one.

Share this article

Open WeChat and scan the QR code

DIGEST HUB

Digest Hub

Back

Explore the story in 30 seconds

Chinese automakers shifting supply chains to Southeast Asia is expected to boost the local EV market, which has been hindered by poor charging infrastructure.
Only 45,000 EVs were sold in the ASEAN region's first half of the year due to a lack of chargers, compared to China's 2.5:1 EV-to-charger ratio.
Subsidies in Thailand and Indonesia, alongside strong domestic competition and export restrictions, are driving Chinese manufacturers' investment in Southeast Asia.

AI generated, for reference only

Who’s Who

Rockets Capital: Rockets Capital, founded in 2022 and backed by Chinese EV-maker XPeng Inc., focuses on the smart EV industry chain, clean energy, and related fields. Its co-founder and managing partner, Yuan Bing, discussed the impact of Chinese automakers shifting their supply chains to Southeast Asia at the Asia New Vision Forum 2024 in Singapore.

XPeng Inc.: XPeng Inc. is a Chinese electric vehicle (EV) manufacturer that backs the venture capital fund Rockets Capital, which was founded in 2022. The company focuses on the smart EV industry chain and clean energy sectors. XPeng Inc. is involved in accelerating the shift of production to Southeast Asia to boost local EV markets amidst strong domestic competition and trade restrictions in the U.S. and Europe.

AI generated, for reference only

What Happened When