Surge in Electric Vehicle Sales: Vietnam Outpaces Southeast Asia with 71% Growth
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During the first half of this year, Vietnam emerged as the leader in Southeast Asia for battery electric vehicle (BEV) sales, with 115,986 units sold. This impressive figure marked a 71% increase compared to the previous year. Furthermore, BEVs accounted for 35.3% of all new vehicles sold, thereby claiming the highest share in the region’s four largest automotive markets – Vietnam, Indonesia, Malaysia, and Thailand.
Leading BEV Players
VinFast, Vietnam’s top automotive brand across all vehicle categories, was responsible for the vast majority of the BEVs sold during this period. A small number of sales were attributed to Ford’s Mustang, while some electric vehicle manufacturers did not disclose their specific sales figures.
BEVs, vehicles powered solely by electricity, stand out from hybrids, which utilize both electricity and gasoline. In Vietnam, BEVs are bolstered by an exemption from registration fees and a favorable 3% special consumption tax, both in effect until the end of 2030.
Regional BEV Market Overview
Thailand followed closely behind Vietnam in BEV sales, with a total of 104,418 vehicles sold. Nonetheless, it exhibited the quickest growth rate among the region’s four largest markets, posting a 91% increase.
In Indonesia, which continues to hold the title of Southeast Asia’s biggest auto market, BEVs made up 16% of new vehicle sales in the first half of the year. Chinese auto manufacturers BYD, Aion, and MG collectively boasted the largest share of Indonesia’s BEV market. According to local auto news outlet DetikOto, the top ten best-selling BEV models in the country all originated from Chinese automakers such as BYD, Jaecoo, and Geely.
Meanwhile, VinFast sold 1,934 vehicles in Indonesia, with their mini SUV VF 3 model accounting for 1,355 of these sales.
Despite reporting the lowest BEV sales among the four major markets, Malaysia achieved an 85% growth rate, the second-fastest in the region following Thailand.
Questions & Answers
Which country led Southeast Asia in BEV sales in the first half of the year?
Vietnam led Southeast Asia in battery electric vehicle (BEV) sales during the first half of this year.
What contributed to the substantial growth of BEVs in Vietnam?
The growth of BEVs in Vietnam can be attributed to the country’s policy incentives, including an exemption from registration fees and a 3% special consumption tax.
Which country showed the fastest growth rate in BEV sales among the four largest markets in Southeast Asia?
Thailand posted the fastest growth rate among the region’s four largest automotive markets.