Clarification on the Thai Electric Vehicle Market: Addressing Misinformation from Nikkei Asia
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BANGKOK – A recent report from Nikkei Asia has caused significant controversy by claiming that the Thai government’s subsidies for Chinese electric vehicle (EV) makers have resulted in a massive oversupply of EVs, triggering a price war and severe disruptions in the traditional automotive sector. The report, which cited the Electric Vehicle Association of Thailand (EVAT), has been strongly refuted by EVAT President, Mr. Krisda Utamote, who clarified that the figures and implications presented are misleading and incorrect.
Chinese EV makers capacity in Thailand
(In units per year)
Neta
200,000
BYD
150,000
Changan
100,000-200,000
MG
100,000
GWM
80,000
GAC AION
50,000
Source: National Economic and Social Development Council
The article by Nikkei Asia claimed that Thailand now has 490,000 unsold EVs, equivalent to 63% of all vehicles produced in the past year. This figure, according to the report, has led to significant production cuts and closures among traditional auto manufacturers and parts suppliers in Thailand.
The Facts from EVAT’s President.
Mr. Krisda Utamote, a seasoned expert with over 23 years in the automotive industry, has categorically denied these claims. He clarified that the number 490,000 refers to the projected production capacity of the seven EV manufacturers participating in the EV 3.0 scheme, not to unsold vehicles languishing in dealer inventories.
Here are the correct figures:
EV Registration Data: In 2023, the total number of newly registered electric vehicles in Thailand was approximately 76,000.
Cumulative EV Registration: As of the end of May 2024, the cumulative number of registered EVs stood at around 121,000.
Refuting the 490,000 Unsold Vehicles Claim
Given these registration numbers, the claim that Thailand has 490,000 unsold EVs is not only misleading but also implausible. The EV market in Thailand is growing steadily, but it has not reached the levels suggested by the Nikkei report. The misinformation spread by this report can have detrimental effects on the perception of the Thai EV market and the efforts being made to transition towards cleaner energy vehicles .
“I have been in the automotive industry for over 23 years and have given countless interviews to the media, but never have I seen information distorted to this extent. The figure of 490,000 unsold EVs did not come from me or the Electric Vehicle Association of Thailand. This number refers to the estimated production capacity of the seven EV manufacturers under the EV 3.0 scheme and has nothing to do with unsold inventory. Last year, Thailand registered around 76,000 new EVs, and by the end of May 2024, the cumulative number was approximately 121,000. How could we possibly have a stockpile of 490,000 unsold EVs?” – Mr. Krisda Utamote
BLINK DRIVE TAKE
The inaccuracies in the Nikkei Asia report highlight the importance of verifying information before publication, especially when it concerns significant economic and industrial developments. The EVAT and Mr. Jon Krisda are committed to providing accurate data and fostering a clear understanding of the EV market’s dynamics in Thailand. As the country continues its journey towards increased EV adoption, it is crucial that all stakeholders work with reliable information to make informed decisions and support the sustainable growth of the automotive industry.
If Nikkei believes this information is incorrect, please release a statement or contact us with proper citations. The interview was conducted in Thai, so there should be no language barrier or misunderstanding of the facts.
