Battery electric vehicle (BEV) sales in Thailand are expected to reach 70,000 units this year thanks to the launch of new models and marketing campaigns, especially during November and December, says the Federation of Thai Industries (FTI).
The 12-day Bangkok International Motor Show, which started on Nov 30, should help increase BEV sales in the last month of the year, according to the federation.
"Competition in the BEV market is high as many sellers launch promotion packages with attractive prices," said Surapong Paisitpatanapong, vice-chairman of the FTI and spokesman for the FTI's Automotive Industry Club.
From January to October, BEV sales skyrocketed by 702% year-on-year to 56,119 units, gaining a market share of 8.86% of total domestic sales.
In October, BEV sales soared by 491% year-on-year to 7,394 units. Their market share was 12.5% of car sales in the country.
From January to October this year, BEV registrations surged by 410% year-on-year to 77,737 units.
With BEVs gaining in popularity, new registrations could reach 100,000 units next year, driven by the government's new EV incentive package that continues to promote the consumption and production of EVs, according to the FTI.
Dubbed EV3.5, this package covers 2024-27 and consists of subsidies worth between 5,000 and 100,000 baht for imported electric cars and motorcycles. Import duties and excise tax are also reduced.
Car companies participating in EV3.5 are required to invest in EV production facilities in Thailand and start manufacturing EVs locally between 2026 and 2027.
The government aims to have BEVs make up 30% of total car manufacturing by 2030, with the production of 725,000 zero-emission cars, 675,000 electric motorcycles and 34,000 electric buses and trucks.
"We believe Thailand can become a regional EV hub because the government has a clear policy to attract EV investors and Thailand is a major car production base," said Mr Surapong.
The club expects EVs to gradually replace cars powered by internal combustion engines (ICE).
From January to October, car sales in the ICE segment decreased by 19.2% year-on-year to 518,438 units, but their sales commanded a market share of 80.3% of total car sales.