BYD(SZ:002594) Counterpoint Research·2025-05-29 02:32Core Insights - Thailand is projected to be the largest electric vehicle (EV) market in Southeast Asia in 2024, despite a year-on-year decline of 11% in EV sales due to increased household debt and tighter credit policies affecting consumer demand [1][4] - The Thai government is committed to promoting electric vehicle adoption through initiatives like the "30@30" industrial policy and the "EV3.5" incentive program, aiming to accelerate the country's transition to electric mobility [1][4] - Chinese automotive brands are seizing market opportunities in Thailand, capturing nearly 75% of the EV market share in 2024, with brands like BYD, Deepal, MG, Neta, and Aion leading the market [1][4] Market Dynamics - The number of active Chinese automotive brands in Thailand has increased from 9 in 2023 to 18 in 2024, indicating a significant acceleration in market entry [1] - Japanese automakers are losing their long-standing dominance in the Thai EV market due to slow electrification efforts, creating space for Chinese brands to gain consumer trust through competitive pricing and advanced features [1][4] Government Initiatives - The "EV3.5" government incentive program and "30@30" policy are attracting investments and positioning Thailand as a regional hub for electric vehicles [4] - Thailand's strong supply chain and strategic location are enhancing its appeal to battery and EV manufacturers, solidifying its position in the global electric vehicle ecosystem [4]