Thailand's EV Industry, Part 1: Manufacturing Shifts & Policy Implementation - CleanTechnica

The article provides an in-depth analysis of Thailand’s electric vehicle (EV) industry, highlighting the country’s emergence as a dominant force in Southeast Asia’s EV market. In 2023, Thailand captured 54% of the regional battery electric vehicle (BEV) market share, driven by coordinated government policies and industrial transformation strategies. Despite a broader contraction in Southeast Asia’s automotive markets in 2024—exemplified by a 24.2% decline in Thailand’s Q2 vehicle sales due to macroeconomic challenges such as high household debt and stricter lending standards—Thailand’s EV segments have shown robust growth. BEV sales are projected to grow 5% year-over-year in 2024, reaching 13% of new vehicle registrations with over 79,000 units sold, while hybrid electric vehicles (HEVs) experienced a striking 60% growth in Q3 2024. A notable market dynamic is Toyota’s strategic pivot in Thailand to counter the rising dominance of Chinese EV