Southeast Asia's electric vehicle update

In ASEAN, approximately 3.5 million passenger or commercial vehicles and 4 million motorcycles or scooters were sold annually prior to the pandemic, according to Nikkei.  And according to CleanTechnica, by 2030, the region is predicted to generate 140 million new consumers, with the high- and upper-middle-income ranks increasing to 57 million.

Thailand (the region's largest auto maker) by 2035, Singapore by 2040, and Indonesia by 2050 are among the ASEAN countries that have committed to phase out fossil fuels. In Europe, we've seen how that's going.

According to the International Energy Agency, Indonesia already has one of the highest charger-to-EV ratios in the world, and "has set a target of 2,400 charging stations and 10,000 battery swap stations by 2025." It wants to have over 31,000 charging stations by 2030, as the government anticipates that more than 2 million electric automobiles and 13 million electric motorcycles would be on the road by then," according to CleanTechnica.

The Thai government is establishing an EV manufacturing cluster and has attracted newcomers like as Great Wall Motors and Foxconn. GWM launched its first local facility in June and plans to start producing EVs as soon as 2023. According to CleanTechnica, Foxconn intends to invest up to $2 billion in the development of an EV platform.

Source:

Theedgemarkets.com. “The EV Story in Southeast Asia - Cleantechnica.” The Edge Markets, 1 Nov. 2021, https://www.theedgemarkets.com/article/ev-story-southeast-asia-cleantechnica.