Visitors browse the latest car models, including EVs, at the Bangkok International Motor Show (Photo: bangkokpost.com) The price war is an obstacle in the EV market as it causes unstable car prices, making buyers hesitant, said Wallop Chalermvongsavej, managing director of the subsidiary of the Republic of Korea’s automaker Hyundai.
The price war in the Thai market started last year when some Chinese firms cutEV prices to draw customers as competition intensified. Some Chinese automakersalso wanted to clear stocks so they reduced prices, Wallop said.
He noted the unstable prices are not good for the EVindustry because they do not reflect real demand from customers.
Hyundai, which is marketing its EVs in the premium category, previously estimatedup to 130,000 EVs would be sold this year, but now downgraded the projection to100,000 units, still higher than the 80,000 units recorded last year.
The rapid growth of the Thai EV marketfollowed government incentive packages to promote production and consumption ofEVs in the country.
Wallop expects this year's EV sales to gain a marketshare of 10-15% of domestic sales in Thailand, which are still dominated byinternal combustion engine (ICE) cars./.
VNA
