vinny41

When numbers are low they are always described in % when numbers are high they are described in numbers When Labour announced they are planning to build 1,500,000 houses in the next 5 years they knew they would be laugh at if they published the number in a % term Since ICE vehicles had 100% market share a few years just a single EV sale would support the statement EV sales percentages are rising and legacy cars are falling.

These are registrations figures and do include December 2023 sales For EV sales for 2024 is 23,972 EV 3.0 subsidy ended 31st December 2023 for sales and vehicles needed to be registered by 31st January 2024 Data from the Department of Land Transport indicate that the EV market has not been particularly strong since the beginning of the year. January recorded the highest number of registrations for the year at 13,321 units, driven partly by a rush to register before the January 31 deadline to qualify for benefits under the EV promotion plan, EV 3.0, which offers a 2% excise tax and a subsidy of up to 150,000 baht. This rush led to a sharp decline in registrations the following months. If the cumulative total for the first five months is extrapolated for the entire year, EV sales are expected to be close to 76,000 units, considerably lower than the overall projection of between 100,000 to 130,000 units. So far the market has not met any of the expectations, with numbers falling short of targets, impacting orders and inventory, and initiating a price war. It is anticipated that the price war may intensify further if the economy does not recover and the automobile market does not improve. New EV models are scheduled for release this year, and new entrants are preparing for official launches https://www.nationthailand.com/blogs/business/automobile/40039276

Byd atto3 owner recently posted on the facebook groups that his car value has dropped B650,000 iin 2 years excluding interest charges after BYD recent price reductions he stated that tents unwilling to accept risks of taking EV's until Brands stated no further price reductions he received one private offer of betweeen B500K-B550K offer subject to viewing when asked why low offer buyer indicated that they weren't sure if BYD would lower there prices again so offer was based on that they would lower their prices Depreciation is expected with any car but when the manufacturer reduces the price by up to 32% either to clear stock or generate increased sales that's the big hitter https://www.facebook.com/photo/?fbid=485876037294148&set=a.176402778241477

There was only 40 Nissan leafs for sale when the price was reduced to B959,000 in 2022 https://www.car250.com/all-new-nissan-leaf-ev-2022-0.html

While the move is welcome it is important that the MG owners that are affected by this change read the terms and conditions and the exclusions and understand the term of a lifetime warranty and eol as many people have different interpretations about the meaning of a lifetime warranty

There is a huge difference between the Oil Fuel fund and the subsidy for EV as the Oil fuel fund will be repaid to the Government budget while no repayment for the EV subsidy Diesel fuel is a vital commodity in the industrial and transport sectors. The Oil Fuel Fund’s status report as of March 17 revealed that it is 96.72 billion baht in deficit. Of that, 49.33 billion baht is from the oil account and 46.9 billion baht from the liquid petroleum gas (LPG) account. OFFO has an expectation that the proposed measures will be approved as soon as the price cap measure ends. The fund is due to pay back its first parcel of debt at 30 billion baht in November of this year. https://www.nationthailand.com/thailand/policies/40036725 BYD profit in EU is 10x higher than in China and even with new 30% tariffs, still makes 5,000 USD per vehicle, report says BYD makes a profit of 15,400 USD on BYD Seal U in Europe, compared to 1,400 USD in China. https://carnewschina.com/2024/06/13/byd-profit-in-eu-is-10x-higher-than-in-china-and-even-with-new-30-tariffs-still-makes-5000-usd-per-vehicle-report-says/

It will always remain niche while it requires subsides to sell the product

And that is to be expected ICE was 100% of the market share so it only needs 1 EV to be sold to claim the percentage share of EV new car registrations increased every month. February through June inclusive, the percentage share of ICE new car registrations decreased every month. as stated by the Nation From January to May this year, cumulative sales totalled 260,365 units EVs remain a niche market with a small share. https://www.nationthailand.com/blogs/business/automobile/40039276 Number of EV's sold between January and May 23,972 or 9.3% of the 260,365

EV sales continue to drop driven by tight economic conditions The Thai automotive industry is facing challenging times, with a continued decline in sales since 2023. From January to May this year, cumulative sales totalled 260,365 units, a 23.8% decrease compared to the same period last year. EVs remain a niche market with a small share. The broader car market is more affected by negative factors such as the sluggish economy and the lack of clear, concrete measures from the government to address issues, which has undermined consumer confidence. Moreover, the tightening of credit by financial institutions, following the rise in household debt and bad debt, has led many to revise their marketing plans and implement stricter customer screening. This impact is not only seen in conventional cars but also in EVs. https://www.nationthailand.com/blogs/business/automobile/40039276

Byd entered the Thailand market in October 2022 with the Atto 3 there was no price war in 2022 or 2023 Its only this year with stricter requirements on loan approvals resulting in fewer buyers that Brands have been forced to reduce their prices the EV price war in China started in October 2022 due to downturn in sales and an increase in oversupply Data from the Department of Land Transport indicate that the EV market has not been particularly strong since the beginning of the year. January recorded the highest number of registrations for the year at 13,321 units, driven partly by a rush to register before the January 31 deadline to qualify for benefits under the EV promotion plan, EV 3.0, which offers a 2% excise tax and a subsidy of up to 150,000 baht. This rush led to a sharp decline in registrations the following months. If the cumulative total for the first five months is extrapolated for the entire year, EV sales are expected to be close to 76,000 units, considerably lower than the overall projection of between 100,000 to 130,000 units. https://www.nationthailand.com/blogs/business/automobile/40039276

Oversupply is a situation where there is more product on the market than consumers want to buy. In commodities, an oversupply is a period when over production of a commodity pushes the price for that commodity down to a level where the producers are losing money. Oversupply tends to be corrected through reduced production or discounting, but the time period over which this happens can be longer or shorter depending on the dynamics of the market. https://www.investopedia.com/terms/o/oversupply.asp

if you need a price war for market share that would indicate that there is a case of oversupply more vehicles available than buyers with the funds to purchase

Clearly that not the case If demand matches supply there would be no need to discount from original price by 32% https://www.facebook.com/photo/?fbid=485876037294148&set=a.176402778241477

Its you that is not reading it correctly the article is talking about 2025 not current demand In 2025 EV makers in Thailand will need to produce 180,000 units to offset the imports from EV 3.0 and EV 3.5 Based on current sales figures for 2024 to date EV brand's in Thailand could sell 60-70,000 to the Thai domestic market leaving a shortfall of between 100-110 thousand that need to be exported if they meet the conditions of export If the EV plants produce their full capacity at 490,000 then they will need to find export markets for 410-420,000 vehicles The EU-Thailand FTA agreement is still in discussion phases and wouldn't be completed until 2025 and no-one knows the outcome Meanwhile BYD is hedging its bets with Turkiye to import vehicles into the EU Chinese EV giant BYD, Türkiye agree on nearly $1B investment deal https://www.dailysabah.com/business/automotive/chinese-ev-giant-byd-turkiye-agree-on-nearly-1b-investment-deal

The Article is correct its about potential oversupply EV brands in Thailand should be aware of the minimum 40% local content requirement for Exports through the ASEAN FTA if their not building with a minimum 40% local content the only place they can sell is Thailand if they build at full capacity in the years 2024/2025 this will lead to a bloodbath in pricing as there will be more EV built in Thailand with fewer customers available to buy due to stricter finance rules https://www.nationthailand.com/business/automobile/40039578

The minimum 40% local content figure is required if BYD want to export f a Chinese car meets the 40% local content requirement and is certified as originating from Thailand, it will be exported within and outside the ASEAN region through the ASEAN FTA network. https://www.thinkchina.sg/economy/made-thailand-chinese-evs-could-fill-auto-market Toyota Thailand local content figure is 93% Soon we were exporting models built entirely in Thailand like the Hilux Vigo and the Fortuner. To date over 7 million IMV based vehicles have been built in Thailand with over 4 million units exported to 124 countries around the world. The IMV project also helped us create a new supply chain here in Thailand increasing our network of local suppliers by 41%, as the production of 2,000 parts were transferred from Japan to Thailand increasing total local content from 60% to 93% https://global.toyota/en/newsroom/corporate/38421226.html So 40% local content is an entry level for exports through the ASEAN FTA network

Not according to BYD Currently, BYD's factory is preparing to use more than 40 percent of domestic parts from various parts manufacturers in Thailand https://www.thaipr.net/business/3473532

Starting in Thailand, MG has announced that they will be starting a program wherein EV models will have a lifetime warranty for 3 critical components of the EV drive system: the high voltage battery assembly (HV Battery Assy), the electric drive unit (EDU), and the power electronic block (PEB). That practically covers all the major components of the drive system, and provides unprecedented peace of mind for EV owners. Initially, MG Thailand will start offering this for four of their existing models: the MG4, the MG Maxus 9, the MG Maxus 7, and the MG Cyberster. MG says the warranty will be retroactive to customers in Thailand who already own any of the 4 MG models mentioned. Critically, they say that the warranty carries over even when the ownership of the vehicle has changed. The warranty is attached to the vehicle, not the first owner. https://www.autoindustriya.com/auto-industry-news/gamechanger-mg-has-begun-to-offer-lifetime-ev-battery-warranty.html

Both BP articles that you mention are dated July not June And there is nothing in either article that states " and those complaining about their vehicle they bought over the last year or so "now" being sold new at a much lower price will have no basis in law in filing a complaint. " In fact both articles state that if you feel you have been unfairly treated by a business you should file a complaint with the Office of the Consumer Protection Board The Thailand Consumers Council on Thursday called on BYD Auto to compensate its customers who had bought its battery electric vehicles shortly before it announced price discount campaigns. The council’s secretary-general, Saree Ongsomwang, said the buyers of BYD cars and SUVs shortly before the price discounts were victims of unfair selling practices and should receive compensation from the manufacturer. She said BYD’s sales personnel must have been in the know about the upcoming discount campaign and therefore they were obliged by professional etiquette to alert their customers. The complaints prompted PM’s Office Minister Jiraporn Sindhuprai to instruct the Office of the Consumer Protection Board to conduct an investigation into whether the automaker had taken advantage of buyers, who had bought the EVs at higher prices before the new discount campaign. https://www.nationthailand.com/business/automobile/40039380 After thw office of the Consumer Protection Board received over 70 complaints and they expect that number to increase they will be inviting Byd Dealers and the complainants in for a meetings to discuss how the issues can be mutually resolved

I don't see anyone on this thread crowing other EV price cuts for the majority of people 2nd largest investment they will ever make after property is in vehicles, anyone that buys a car knows their vehicle will devalue over a number of years what they don't expect is that the vehicle manufacturer will acclerated that devaluation in a very short period of time EV owners in facebook groups are predicting that EV insurance coverage will increase by at least 30% next year Example currently you have 2 EV owners where they have seen their vehicles lose value to huge price cuts and are unable to sell without incurring a huge loss and left owing hundreds of thousands to finance companies EV owner 1 they are travelling in a unfamiliar area and parks their vehicle in a area that is known for flooding end result capital amount returned by insurance companie as full replacement of battery and associated parts exceed 70% of the capital amount EV owner 2 they park their vehicle in a area that they know floods Both owners will have their capital amount refunded End result EV insurance premiums will increase

BYD, a leader in electric vehicles (EVs), recently slashed prices in Thailand, causing uproar among buyers who purchased at higher rates. Prime Minister Srettha Thavisin urged BYD CEO Wang Chuanfu to address these grievances and protect local consumers. Chuanfu promised to adjust future pricing and support affected customers. However, BYD and its distributor, Rever Automotive, have yet to comment on the fallout, even as the government investigates potential misleading sales practices. https://finimize.com/content/byds-discount-drama-stirs-consumer-complaints-in-thailand A Byd atto3 owner recently posted on the facebook groups that his car value has dropped B650,000 iin 2 years excluding interest charges after BYD recent price reductions he stated that tents unwilling to accept risks of taking EV's until Brands stated no further price reductions he received one private offer of betweeen B500K-B550K offer subject to viewing when asked why low offer buyer indicated that they weren't sure if BYD would lower there prices again so offer was based on that they would lower their prices

Toyota seems to be doing fine Toyota posts record net profit on weak yen and strong hybrid sales https://www.japantimes.co.jp/business/2024/05/08/companies/toyota-posts-record-yearly-net-profit/ you do know that BYD abd Toyota have a joint venture in Batteries n 2021, both companies established a joint venture, BYD Toyota Electric Vehicle Technology, with a 50/50 share. In 2023 Toyota launched its second all-electric car – Toyota bZ3 sedan co-engineered with BYD, where BYD supplied its LFP Blade battery packs, e-motor and some other in-car tech https://carnewschina.com/2024/05/09/toyota-plans-using-byds-plug-in-hybrid-dm-i-platform-to-launch-3-phev-models-in-3-years-in-china/#:~:text=

BP has since updated their article its now the same as other article Tokio Marine Safety Insurance announced on Tuesday that its current insurance premiums would “temporarily” not apply to new EV customers, including those who own transferred cars, as it would consider new premium rates on a case-by-case basis. The new rules for EV insurance kicked in 1st June not July 1st OIC have stated there is 23 insurance companies that provide EV insurance and the OIC has not received any offical notifications from the 2 insurance companies that are rumored to longer want to offer EV insurance to new customers

Tokyo Marine Insurance (Thailand) Public Company Limited announces the suspension of electric vehicle (EV) insurance, effective from July 1, 2024 onwards. The details include: *We do not accept insurance for electric vehicles (EV) of all brands, including new jobs, transfer jobs, and renewal jobs. *Renewal reminders can still offer reminder premiums. The insurance department of Tokyo Marine Insurance (Thailand) Public Company Limited will consider each case, which will look at the claim history https://today.line.me/th/v2/article/Gg6ma16

That was the case with the recent dolphin price reductions but in the case of current atto 3 price reductions vehicle comes with Comes with a warranty and after-sales service, Rever Care, worth a total of 180,000 baht as follows: Guaranteed vehicle quality for 8 years, 160,000 km. Battery warranty for 8 years or 160,000 km. Free maintenance, labor, and spare parts for 8 years or 160,000 km. Free 24-hour emergency assistance service for 8 years Free AUTEL brand Home Charger with installation fee Free VTOL external electrical equipment extension cord Free emergency charging cable AC Portable Charger Free registration fee Free first class insurance with insurance for 1 year. https://autolifethailand.tv/official-discount-price-byd-atto3-my2023-extended/