Transportation
China’s EV Makers Bet They Can Dethrone Japan Brands in Thailand
- Government subsidies are helping BYD and Neta boost sales
- Toyota, Isuzu losing share in key Southeast Asian market
Chinese brands now make up 10% of the entire market.
Photographer: Brent Lewin/BloombergThis article is for subscribers only.
Standing in front of a large crowd at last month’s Bangkok International Motor Show, an executive from Hozon New Energy Automobile Co. promised to double sales in Thailand to 30,000 electric vehicles this year.
The Chinese manufacturer, which operates as Neta Auto, was hardly known in Thailand until last year. With sleek, stylish models that appeal to young people, Hozon sold 105,563 units globally, according to Bloomberg NEF. That compares with more than 3 million units sold by BYD Co., the market leader.