How the Iran energy crisis is supercharging Southeast Asia's EV transition [Fortune]
Toyota Motor Corporation (TM)
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Source: Fortune
Fuel prices have soared across the region, and drivers are waiting in long lines outside petrol stations in Thailand, Vietnam, and the Philippines, hoping to fill their tanks. Recommended Video While oil prices have slipped from their highs just a few weeks ago—West Texas Intermediate crude is currently hovering around $90 per barrel—they are still far above pre-war levels. The closed Strait of Hormuz, as well as export bans of refined fuel products from countries like China and South Korea, have cut off petrol supplies in Asia. But across the region, drivers may have found an answer: electric vehicles. Chinese EV giant BYD received the most orders of any automaker at the Bangkok Auto Show in early April, beating Toyota for the first time . Among the top ten brands, seven were Chinese. Energy security concerns are shaping EV demand, says Samuel Chng, a research assistant professor at the Singapore University of Technology and Design (SUTD). “EVs are increasingly framed not j
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