Southeast Asia becomes Tesla's priority for expansion
Expansion into Southeast Asia is a priority of Tesla, Rohan Patel, a senior executive of the US automotive company, said on Tuesday, highlighting the fast-growing market where the company faces competition from China's BYD.
In his recent post on the X social medial platform, formerly known as Twitter, the senior public policy and business development executive at Tesla said that Southeast Asia will undoubtedly be a major place of growth over the coming years in battery storage and electric vehicle adoption, noting that the region has emerged as one of the hottest EV markets in recent years and could offer Tesla a large customer base at a time when demand is slowing in the US.
The Malaysian government had last year given Tesla the license to sell its cars in the country and said the firm would also establish a network of charging stations there.
Tesla is also in talks for expanding its operations in other countries, including in Thailand, which is Southeast Asia's largest car producer and exporter.
A Thai government official said earlier this month that the company had discussed a potential production facility after surveying a site late in 2023.
However, Tesla's ambitions for Southeast Asia will face competition from BYD, which has overtook rivals to account for more than a quarter of the EVs sold in the region.
In contrast with Tesla's direct-to-consumer approach, BYD has partnered with large, local conglomerates that have allowed the carmaker to expand reach, test consumer preferences and navigate complex government regulations in the region.
The Chinese EV maker sold more than 26% of all cars in Southeast Asia's small but fast-growing EV market in the second quarter of 2023, while Tesla accounted for about 8%, according to the Hong Kong-based industry analysis firm Counterpoint.
EVs constituted 6.4% of all passenger vehicle sales in the region in the quarter, up from 3.8% in the preceding quarter.
- Read More
Lego completes 90% of $1.3-bln Vietnam factory, to open in 2025
Danish toymaker Lego has completed 90% of its $1.3-billion plant in Vietnam’s southern province of Binh Duong and aims to launch the factory in early 2025.
Companies - Wed, November 6, 2024 | 7:34 pm GMT+7
Tourism growth boosts aviation retail potential in Vietnam: exec
Vietnam’s aviation retail trade potential has risen alongside growth in the number of tourists visiting the country, says Johnathan Hanh Nguyen, chairman of the Inter-Pacific Group (IPPG).
Companies - Wed, November 6, 2024 | 4:45 pm GMT+7
VN-Index up 15 points on hopes for Trump victory
Vietnam’s benchmark gained 15.52 points, or 1.25%, to 1,261.28 on Wednesday, supported by investor expectations of Trump re-election as the 47th President of the US, the world’s largest economy.
Finance - Wed, November 6, 2024 | 4:10 pm GMT+7
Vietnam embraces new wave of investments: HSBC exec
Embracing new investment flows is in the interest of Vietnam and will support the country’s advancement higher up in the value-added ladder across industries and sectors, writes Joon Suk Park, head of international subsidiary banking, wholesale banking, HSBC Vietnam.
Opinion - Wed, November 6, 2024 | 3:44 pm GMT+7
Vietnam posts $23.3 bln trade surplus in Jan-Oct, FDI sector $42.9 bln
Vietnam posted a trade surplus $23.31 billion in the first 10 months of this year, with the foreign direct investment (FDI) sector making a trade surplus of $42.92 billion.
Economy - Wed, November 6, 2024 | 3:25 pm GMT+7
Vietnam listed banks’ bad debt up $2.3 billion in 9 months
The bad debt of listed banks in Vietnam continued to grow during the first nine months of 2024, with some seeing it increase as much as 70% from the end of 2023.
Banking - Wed, November 6, 2024 | 3:14 pm GMT+7
AI tool to help Vietnam curb tax evasion by e-commerce platforms: Deputy PM
An artificial intelligence (AI)-based tool will be used to check revenues and trades on e-commerce platforms operating in Vietnam as part of a broader attempt to prevent tax losses, says Deputy Prime Minister Ho Duc Phoc.
Economy - Wed, November 6, 2024 | 2:12 pm GMT+7
Cambodia announces new initiative to encourage use of local currency
The National Bank of Cambodia (NBC) and the country's Ministry of Commerce have recently announced a major step to promote the use of the local currency by encouraging businesses to register new bank accounts in riel.
Southeast Asia - Wed, November 6, 2024 | 2:02 pm GMT+7
Thailand, Turkey agree to resume FTA negotiations
Thai Deputy Commerce Minister Suchart Chomklin and his Turkish counterpart Mustafa Tuzcu have agreed to resume negotiations on a free trade agreement (FTA) between the two countries.
Southeast Asia - Wed, November 6, 2024 | 2:00 pm GMT+7
Singapore Airlines aims to attract high-spending passengers to longest flights
Singapore Airlines is planning to add a four-seat first class to the Airbus aircraft it uses for its longest routes, a bet to attract high-spending travelers to flights that can top 17 hours.
Southeast Asia - Wed, November 6, 2024 | 1:58 pm GMT+7
Indonesia eyes $120 bln investment for economic development
Indonesia aims to secure an investment of $120 billion by 2025 to promote its national economy, Minister of Investment Rosan Roeslani said on Monday.
Southeast Asia - Wed, November 6, 2024 | 1:56 pm GMT+7
Vietnam’s Jan-Oct industrial production grows 8.3%
Vietnam’s January-October index of industrial production (IIP) grew 8.3% year-on-year, extending the recovery of the sector, backed by a 4% increase from September to October, the General Statistics Office (GSO) said.
Economy - Wed, November 6, 2024 | 1:36 pm GMT+7
AES earns $27 mln pre-tax income from Vietnam coal-fired power plant in Jan-Sept
U.S.-based AES Corporation earned a pre-tax income of $27 million from the Mong Duong II coal-fired power plant in Vietnam’s northern province of Quang Ninh in the first nine months of this year.
Companies - Wed, November 6, 2024 | 12:06 pm GMT+7
Vietnamese businesses able to leverage e-commerce, overcome market challenges: experts
Amidst the rapid expansion of low-cost Chinese e-commerce platforms like Temu, 1688 and Taobao, several Vietnamese businesses have managed to hold their own, showing how e-commerce can be leveraged to achieve success, experts say.
Finance - Wed, November 6, 2024 | 11:09 am GMT+7
Vietnam’s Eximbank seeks to move headquarters to Hanoi after ownership changes
Eximbank, among the leading mid-sized banks in Vietnam, has announced a plan to move its head office from Ho Chi Minh City, the largest economic hub in the south, to Hanoi after recent changes in shareholders.
Banking - Wed, November 6, 2024 | 10:41 am GMT+7
Coffee trading floor should be set up in Vietnam Central Highlands for risk management: experts
A coffee trading floor should be set up soon to set price benchmarks and manage market risks, experts said Sunday at a workshop.
Economy - Wed, November 6, 2024 | 8:18 am GMT+7