China's automobile exports continued to outpace Japanese automakers in the first half of 2024, with its electric vehicle (EV) shipments surpassing one million units and comprising 37% of its total car exports. This performance highlights the growing strength of China's EVs in the global automotive market.
Asia has long been a critical market for Chinese automakers, accounting for over 40% of China's EV exports. However, with the European Union imposing temporary tariffs on Chinese EV imports, Chinese automakers are expected to expand their presence in Southeast Asia, where the EV market is still in its early stages, according to DIGITIMES Research.
Thailand, Indonesia, and Malaysia are the top three car markets in the Association of Southeast Asia Nations (ASEAN), thus becoming the target markets for Chinese EV exports. Thailand, as the leading EV market in the region, saw its EV penetration rate exceed 10% for the first time in 2023, with Chinese brands commanding nearly 80% of the market.
Chart 1: China EV export volumes and share in overall auto export, 2019-1H24 (k units)
Chart 3: Sales and sales level of major auto markets in ASEAN, 2019-2023 (k units)
Chart 4: Sales of top-3 auto markets in ASEAN and combined share of ASEAN total, 2019-2023 (units)
Table 1: BYD auto business deployment in Thailand and Indonesia
Table 2: SAIC auto business deployment in Thailand and Indonesia
Table 4: Summary of Chinese automakers deployment in ASEAN markets
