Maybank IB Research said EV sales in Asean rose from a low base in the first half of 2024 in most markets.
KUALA LUMPUR: Asean is witnessing a rise in the sales of electric vehicles (EVs) in Malaysia, Indonesia and Vietnam whereas Thailand is a mixed bag, says Maybank Investment Bank Research (Maybank IB) Research.
The research house said that favourable regulations, local brands and penetration of Chinese carmakers will drive sales higher.
“We prefer Asean companies that partner Chinese car makers for manufacturing and sales, and companies in the battery value chain ,” the research house said in a note yesterday.
Maybank IB Research said EV sales in Asean rose from a low base in the first half of 2024 (1H24) in most markets.
“Malaysia reported that EV registrations rose 142% year-on-year (y-o-y) to 10,663 fully electric cars in 1H24.
“Indonesia reported a 104% surge in sales to 11,943, Singapore a 218% y-o-y jump to 6,019 EVs, surpassing its 2023 numbers.
“Thailand reported a strong start in Jan 2024,” Maybank IB Research added.
On a global basis, the research house said EV sales rose 24% to 6.7 million in 1H24, or 21% of total car sales.
“Sales of full EVs slowed to 13.9 % y-o-y whereas plug-in hybrids accelerated by 59% y-o-y.
“Hybrid sales witnessed faster growth due to saturation and the end of EV subsidies in Europe, weakness in the United States, lack of charging infrastructure and range anxiety.
Recent tariff increases on China-made cars in the United States and Europe will have a further impact,” the research house said. — Bernama
