▍Thailand: Production and sales declined by 20% year-on-year in August, and Zeekr entered the high-end electric MPV market

The Federation of Thai Industries (FTI) recently released a report stating that in August, Thailand produced 119,680 vehicles, a year-on-year decrease of 20.56% and a month-on-month decrease of 4.12%; 45,190 vehicles were sold, a year-on-year decrease of 24.98% and a month-on-month decrease of 2.60%. FTI believes that the sharp decline in sales is related to stricter lending standards by banks and financial institutions. However, it is optimistic about future market improvements, and officials believe that the THB 10,000 (approximately RMB 2,148) subsidy and the upcoming government budget expenditures for 2025 will have a positive impact on the Thai economy.

In terms of electric vehicles, it is predicted that the number of electric vehicle registrations in Thailand will increase by 18.9% year-on-year in 2024. Among them, bookings and sales of MPV models are on the rise, as they can meet the travel needs of large families and diverse vehicle usage scenarios. Statistics show that Thailand sells 7,000-10,000 MPVs annually.

In addition, the Chinese brand Zeekr landed in Thailand this week with its right-hand drive Zeekr 009 and plans to deliver 1,000 units each of the Zeekr 009 and Zeekr X by the end of the year.

▍Malaysia: Slight decline in new car sales in August, plans to restart the "trade-in" incentive program

According to the latest data released by the Malaysian Automotive Association (MAA), Malaysia produced 73,966 new vehicles in August, a year-on-year increase of 9%, and sold 71,162 new vehicles, a year-on-year decrease of 2% and a slight month-on-month decrease of 0.8%. From January to August, new vehicle production reached 536,313 units, a year-on-year increase of 8%, and a total of 533,301 vehicles were sold, a year-on-year increase of 6%.

Recently, Lim Kian Chong, a member of parliament in Petaling Jaya (a city in Malaysia), called on the government to seriously consider restarting the Voluntary Vehicle Scrappage Program (VVSP) and consult with relevant industry players to reduce the number of old, over-aged vehicles in the country. According to MIDF Amanah Investment Bank statistics, as of the end of 2023, there were nearly 6 million old vehicles in Malaysia, which means that 49% of the country's vehicles are over 10 years old.

Old, over-aged vehicles can lead to wasted space, environmental impacts, and increased accident rates. If an incentive program for car trade-ins is introduced, it will effectively address abandoned vehicle issues and stimulate growth in car sales.

▍Indonesia: Electric vehicle sales increased by 177% year-on-year from January to August, accounting for 4% of the market

According to the latest statistics from the Gaikindo Indonesia International Auto Show (GAIKINDO), total electric vehicle sales (factory to dealer) in Indonesia reached 23,045 units from January to August 2024, a year-on-year increase of 177%. At the end of August, electric vehicle sales accounted for 4% of total vehicle sales. Among them, the best-selling electric vehicle was the Chinese brand Wuling Bingguo, with wholesale sales of 3,876 units. Followed by Chery Omoda E5, with wholesale sales of 3,485 units, and third was BYD Dolphin, with wholesale sales of 3,240 units.

Jongkie Sugiarto, Chairman of GAIKINDO, said that incentive policies such as VAT and tariff reductions, as well as the emergence of new models and brands, are the main drivers of the growth in electric vehicle sales in Indonesia. He believes that the positive growth trend in electric vehicle sales will continue in the coming months. In addition, Chinese brands will continue to dominate the country's electric vehicle market.

▍Vietnam: Car sales to reach 1 million by 2030, Geely invests in factory construction

According to foreign media reports, Vietnam's Ministry of Industry and Trade (MOIT) has set a target for Vietnam's average annual growth rate of car sales to reach 14%-16%, with sales reaching 1 million to 1.1 million by 2030. Among them, sales of electric vehicles, hybrid vehicles, and solar-powered vehicles will reach 350,000 units. By 2045, the automotive market growth rate will reach 11%-12% annually, with total car sales reaching 5 million to 5.7 million units. Among them, sales of electric vehicles and vehicles using clean energy will reach 4.3 million to 4.4 million units, accounting for 80%-85% of the market. Domestic assembled car production is expected to reach 4 million to 4.6 million units, meeting 80%-85% of domestic demand.

MOIT noted that Vietnam's automotive market has continued to grow since 2011. Car consumption growth ranks second in Southeast Asia (after Malaysia), and as of 2023, the country's car ownership reached 63 vehicles per 1,000 people.

Recently, Geely Auto and Vietnam's Tasco JSC signed an agreement to build a new automotive production plant in Thai Binh Province, northern Vietnam, with a planned annual production capacity of 75,000 vehicles. Construction is expected to begin in early 2025. The new plant will assemble Lynk & Co and Geely brand vehicles, with the first batch of models expected to be delivered in early 2026.

Typesetting | Zheng Li

Source | Autospinn, Paultan.org, Gaikindo.or.id

Image source | Qiantu.com