Thailand’s EV sales forecast to miss target

Electric vehicle (EV) sales in Thailand may fail to reach the estimate of 130,000 units this year as prices are likely to keep changing, according to Hyundai Mobility Thailand.

The price war is an obstacle in the EV market as it causes unstable car prices, making buyers hesitant, said Wallop Chalermvongsavej, managing director of the subsidiary of South Korea’s automaker Hyundai.

The price war in the Thai market started last year when some Chinese firms cut EV prices to draw customers as competition intensified. Some Chinese automakers also wanted to clear stocks so they reduced prices, Wallop said.

He noted the unstable prices are not good for the EV industry because they do not reflect real demand from customers.

Hyundai, which is marketing its EVs in the premium category, previously estimated up to 130,000 EVs would be sold this year, but now downgraded the projection to 100,000 units, still higher than the 80,000 units recorded last year.

The rapid growth of the Thai EV market followed government incentive packages to promote production and consumption of EVs in the country.

Wallop expects this year's EV sales to gain a market share of 10-15% of domestic sales in Thailand, which are still dominated by internal combustion engine (ICE) cars