China drives both EV production and sales—but the fate of the country's EV brands could soon be in the hands of emerging markets like Thailand [Yahoo! Finance]
GREAT WALL MOTOR CO ADR (GWLLY)
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Source: Yahoo! Finance
Sixty percent of all EV sales in 2023 were in China. Yet China's EV success could be running out of room to grow. Automakers in China are already engaging in price wars to boost sales—and a protectionist backlash in Europe and the U.S. (as well as consumer preference for hybrids) could close off those markets to Chinese cars. That may put the fate of China's EV brands partly in the hands of economies in Southeast Asia and Latin America, according to the IEA's recent report. While sales in developing economies still lag China, Europe, and the U.S., growth is accelerating in economies like Thailand and Vietnam. Thailand in particular could be an opportunity for Chinese carmakers. The Thai government has introduced a series of incentives such as subsidies and lower import taxes in a bid to boost EV adoption, and that has already attracted Chinese EV manufacturers like BYD and Great Wall Motor to set up facilities in the country. Chinese-owned EV brands, which tend to sell cheaper
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