Apr 8 2024:Thailand’s Bangkok International Motor Show experienced a significant 27.5% increase in orders, with Toyota (NYSE:TM) emerging as the top seller, even as traditional cars maintained their dominance despite the rising popularity of electric vehicles (EVs), announced its organizer on Monday.
During the event from March 27 to April 7, Grand Prix International reported bookings for 53,438 cars and 5,173 motorcycles.
EVs constituted approximately 32.8% of the car orders, up from 21.5% in the previous event, signaling a growing interest in EVs among consumers.
Toyota secured orders for 8,540 cars, followed by China’s BYD (SZ:002594) with 5,345 cars, as per Grand Prix’s data.
The company noted, “Electric vehicles from China garnered significant attention.”
Chinese car manufacturers are gaining prominence, posing a challenge to Japanese auto giants that have traditionally dominated Thailand’s vehicle market.
With Chinese automakers investing over $1.44 billion in production facilities in Southeast Asia’s largest auto manufacturing hub, Thailand aims to transition about 30% of its annual vehicle production to EVs by 2030.
This expansion of Chinese EV makers in Thailand coincides with heightened competition in their home market, where car manufacturers are aggressively cutting prices.
