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Tesla Forays Southeast Asia's Largest EV Market Dominated By Chinese Rivals

1
Anusuya Lahiri
·1 min read

  • Tesla, Inc (NASDAQ: TSLA) initiated bookings for its cars in Thailand, Southeast Asia's largest market for passenger electric cars, ruled by its Chinese rivals.

  • Tesla will start delivering its Model 3 and Model Y cars in the first quarter next year, Yvonne Chan, Tesla's country director for Thailand, told Bloomberg from a launch event in Bangkok.

  • Tesla will also introduce its first service center in Thailand in the first quarter of 2023, and its first supercharger facility will kick off in February.

  • Also Read: Tesla To Monetize Its Cybertruck From Next Year

  • Tesla looks to open at least ten more supercharging sites in Bangkok next year.

  • China's Great Wall Motor Company, Ltd (OTC: GWLLY), BYD Co, Ltd (OTC: BYDDF), and Hozon battled for a share of the fast-growing EV market.

  • Tesla's foray into Thailand marked its second in the region after Singapore.

  • BYD started selling its first electric SUVs in Thailand in November and chose the country for its first overseas EV car plant.

  • The Thai government wants 30% of its total car output to be electric by 2030 and allocated about 43 billion baht through 2025 to promote EV use.

  • In April, Tesla registered its Thai unit with a capital of 253 million baht. It has also advertised more than a dozen jobs for its operations.

  • Price Action: TSLA shares traded lower by 3.59% at $173.35 on the last check Wednesday.

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