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October 29, 2020

SAIC targets Thailand’s emerging EV market

SAIC Motor’s Thai joint venture, SAIC Motor-CP, said it plans to expand its local network of electric vehicle (EV) recharging outlets to 500 next year as it targets the emerging EV market in the country.

By bcusack

SAIC Motor ‘s Thai joint venture, SAIC Motor -CP, said it plans to expand its local network of electric vehicle (EV) recharging outlets to 500 next year as it targets the emerging EV market in the country.

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The Sino-Thai joint venture launched its first plug-in hybrid electric vehicle this week, the MG HS PHEV priced at THB1.35m (US$42,250), the third country to get the model after China and the UK. The company is targeting 800 sales of the model by the end of the year.

The president of SAIC Motor -CP and MG Sales Thailand, Zhang Haibo, said he hopes the move will help the overall EV market in Thailand to expand. The company will initially install recharging facilities at its showrooms to serve its customers, with up to 100 outlets targeted by the end of this year. Next year, it will look to install recharging outlets in major buildings and shopping malls.

Mr Zhang confirmed his company “is in talks with prospective business partners, including real estate developers, shopping mall and office building owners who are interested in our charging outlet development plan”. The company also plans to expand its network of MG showrooms in the country to 170 in 2021 from the current 150.

Sales of MG’-branded cars in Thailand were just slightly higher at 18,699 units in the first nine month of 2020, despite a sharp decline in the overall market due mainly to the COVID-19 pandemic.

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img

What does the future hold for the US electric vehicles market?

The US Electric Vehicles (EV) market has established itself as one to watch. Despite China maintaining the number one spot, the US holds significant standing as one of the major EV markets, with GlobalData’s whitepaper identifying a strong growth trajectory within the forecast period. This report further analyzes the trends, market drivers, and government incentives set to influence and facilitate the market.   This report also looks beyond the US and touches on environmental concerns set to drive the EV market worldwide.   Want to find out more? This report demonstrates GlobalData Explorer’s sector analysis capabilities, showing how you can:  
  • Get historical and forecast market sizing data, with country specific insight for 22+ of the world’s largest industries
  • Track sector dealmaking activity, to view aggregate volumes, specific deals and top investors for all major deal types in M&A, Capital Raising, and Partnerships
  • Analyze news from GlobalData Explorer’s News Database – enable screening and alerts by industry, company, geography and news sentiment for filtered insight
  • Identify and track the key disruptive trends that are keeping the top digital thought leaders talking through social media analytics
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