In Southeast Asia, although Thailand is not the largest automobile market, it is the largest automobile manufacturing center, and is known as the "Detroit of Asia". In addition, Thailand is also the largest market for pure electric vehicles in Southeast Asia, and the market with the fastest growth in new energy vehicle sales.
The statistics of the Federation of Thai Industries are relatively lagging behind, and the data on the new energy market in 2023 is belated until the second quarter. For the whole of 2023, the sales of pure electric vehicles in Thailand will be 76,300 units, an increase of 6.8 times year-on-year. The market penetration rate of new energy vehicles has reached about 10%, which is still the fastest growing country in Southeast Asia.
By the end of last year, a total of nine Chinese brands had entered the Thai market, namely MG, BYD, Nezha, Changan, Haval, Chery, Aion, Ora and Wuling. In 2023, the sales volume of all Chinese electric vehicle brands will be 63,600 units, a year-on-year increase of 7.5 times, and the proportion of pure electric vehicles in Thailand will reach 83.4%.
According to the Automobile Manufacturers Association of Thailand, sales of new cars (including gasoline and electric vehicles) by Chinese brands in Thailand soared by 160% in 2023, increasing their market share from about 5% to 11%, while the market share of Japanese cars fell from about 90% to 78%.
哪吒 NETA V
At the brand level, the fastest growing is Nezha Automobile, with a total sales of 12,800 units last year, achieving an astonishing 179-fold growth, and narrowly surpassing MG by 13 units, becoming the second largest brand in Thailand's electric vehicle market.
Don't look at Nezha's low presence in China, but its achievements in Southeast Asia are remarkable, and it has now entered the top ten of all car brands in Thailand (including fuel vehicles). In addition to Thailand, Nezha's growth in the Indonesian market is also strong.
MG is the first Chinese brand to enter the Thai market and has been in the top 10 of the total sales list for a long time. Last year, MG sold 12,800 electric vehicles, a three-fold year-on-year increase, comparable to Nezha. If you include fuel vehicles, MG's total sales are 27,000 units, ranking seventh in total sales, leaving behind Japanese Mazda and Nissan.
BYD's sales last year were 30,400 units, a year-on-year increase of 74 times, surpassing the "pioneer" MG in one fell swoop and ranking sixth in the Thai market. You must know that BYD sells all new energy models, accounting for 40% of the local new energy vehicle market.
In terms of individual models, BYD Atto3 (BYD Yuan overseas version) ranks first in the new energy market with 19,200 sales, Nezha's Neta V ranks second with 12,700 sales, and BYD Dolphin has reached 9,410 units in less than half a year after its launch.
In terms of other models, the annual sales of the Ora Good Cat were 6,712 units, the MG4 was 4,883 units, and the cumulative sales of the MG EP were 4,475 units. Haval-First Love delivered 3,199 new vehicles and Haval H6 DHT delivered 2,903 new vehicles.
BYD Atto3
Chinese car brands in Thailand do not rely on low-price marketing, and the prices of various models are generally much higher than in China. For example, the starting prices of the BYD Atto3 and Seal in Thailand are 225,000 yuan and 265,000 yuan, respectively, while their prices in China are only 120,000 yuan and 150,000 yuan. Aion Y, which started at 100,000 in China, also sold for 190,000 in Thailand. It can be seen that the selling price of these brands in Thailand is generally about 100,000 yuan higher than that in China.
However, the most ruthless price increase is still Great Wall Motors, the starting price of the Haval H6 hybrid version in Thailand is 339,800 (180,000 higher than in China, and the Mitsubishi Pajero is only sold to more than 250,000), and the price of the tank 300 is as high as 359,800 (160,000 higher than in China, and the price of Toyota BZ4X is only 360,000). It has to be said that Great Wall has established a high-end brand image in overseas markets, including in Russia and Central Asia.
While the sales are growing, we must also see the gap, although the momentum of Chinese brands in Thailand is very strong, but there is still a long way to go from the Japanese market hegemon.
With 60 years of intensive cultivation in Thailand, Japanese automakers have now deployed 15 automakers and parts companies, making it the world's third largest automotive industry hub (the first two being China and the United States). With this advantage, the market share of Japanese brands has remained above 90% for many years, and although it will fall to 78% in 2023, it is still more than seven times that of Chinese brands.
Great Wall Motor's Rayong plant in Thailand
In order to increase their competitive advantage in Southeast Asia, a large number of domestic brands have also accelerated the localization process in Thailand, and many car companies such as SAIC, BYD, Nezha, and Great Wall have invested in Thailand. Among them, SAIC and Great Wall's plants in Rayong, Thailand, have already put into operation, and BYD, Nezha, and Chang'an factories all started construction last year.