EV Sales In Malaysia Only At 3%, While In Neighboring Thailand It's 60%!

According to Counterpoint's Global Passenger Electric Vehicle Model Sales Tracker, passenger EV sales in Southeast Asia (SEA) has increased by 35% YoY in Q3 2022.

Thailand had the highest EV sales volume in the region, accounting for almost 60% of the market share, followed by Indonesia and Singapore. Battery EVs (BEVs) made up 61% of sales, while plug-in hybrid EVs (PHEVs) accounted for the remaining 39%. The top five brands in the region represented almost 67% of the total EV sales, with Wuling emerging as the best-selling brand, followed by Volvo and BMW.

Thailand's EV market has grown significantly this year, solidifying its position as SEA's leading EV market. The country aims to achieve 100% domestic sales from BEVs by 2035 and has implemented subsidies, excise duty waivers, and import tax reductions to facilitate the transition to EVs.

Meanwhile, Indonesia captured a 25% share of the SEA passenger EV market sales in Q3 2022, registering its highest EV sales volume to date during that quarter. The Wuling Air EV model, which launched during Q3, was a major success, becoming the best-selling EV model. Additionally, several companies have announced plans to establish EV battery production units in Indonesia, aligning with the country's goal of building 140 GWh of battery capacity by 2030. Indonesia is a key player in vehicle production in SEA.

Singapore, another rapidly growing EV market, held almost 12% share of the SEA EV sales. The country aims to achieve 100% zero-emission vehicle sales by 2030 and has introduced various incentives, policies, and schemes to increase EV adoption. It is also striving to develop a well-connected network of 60,000 charging points by the end of the decade.

Despite all being one of the earliest to embrace EV, Malaysia had only a 3% share in the SEA EV market in Q3 2022. However, the Malaysian government has recently announced more support for EV adoption and has waived road, import, excise, and sales taxes for EVs. The key for future growth would rely on further development of charging infrastructure that is expected to boost EV sales in the country. The government has set a national target of 10,000 EV chargers by 2025.

As for Vietnam, it has announced zero registration fee for EVs in March 2022, indicating its growing interest in the EV market.

Source: ASEAN Skyline & Southeast Asia Stats