• 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.

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