In the EV future, Thailand, the 'Detroit of Asia,' could be a key China hedge for automakers

The U.S. government is determined to limit China's ability "flood" the U.S. market with EVs and is reportedly looking at tariffs as high as 100%.

The EV giant appears is paying more attention to the vast potential of Asia beyond China, one of the hottest EV markets. In addition to its well-known interest in India, Tesla is taking a closer look at Thailand, the EV capital of Southeast Asia, where green mobility is rapidly gaining traction., as has India, where Musk was scheduled to pay a recent visit before he canceled it, citing issues at Tesla that needed to be dealt with — he did.

Models presenting the Chinese automaker's electric car, the BYD Song MAX, at the 45th Bangkok International Motor Show 2024 in Nonthaburi Province, on the outskirts of Bangkok, Thailand, on March 30, 2024.Recent reporting from Nikkei Asia indicated that Tesla's Model 3 sedan pricing has been cut 9% to 18% lower in Thailand, as its auto market joined the global slump and as BYD, Great Wall Motor, and other Chinese EV makers prepare to start their own production in the country.

Le says the country has an advantage, but will still have to play its cards right. "All ASEAN countries are looking to recruit EV manufacturers to their shores, but I'd say Thailand and Vietnam are two countries that hold an advantage over the others due to their automotive experience," he said.

As of now, the U.S. government rules are buying U.S. companies "time to design, develop, and manufacture more competitive EVs at reasonable prices," Le said. Tesla's anticipated $25,000 entry-level vehicle, dubbed the Model 2, could help turn the tide amidst a sales decline and fierce Chinese competition, but as with all things Tesla, promises and timelines lead the experts to remain cautious, if not outright skeptical. Le says Tesla may already be too late in an Asian market that has already become more competitive $11,000 Chinese EVs. "Europe and the U.S.

Source: Financial Digest (financialdigest.net)

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