Shocking slump: Thailand’s premium EV sales plunge 35%

[Pouatchee]

4 hours ago, thaibeachlovers said:

Good condition second hand ICE cars are available for a few thousand $ ( 3 to 5 thousand $ ) and no average income person is buying second hand EVs when they cost biggly.

 

i think you are unaware of the prices of second hand cars in thailand. around 2-3 years ago my wife and i were shopping for a suzuki swift... not even an ice car. prices were 285k to 400k for 6-8 year old vehicles. i doubt an ice car would go for as low as 100k to 180k as you point out. if so, tell me where.

 

just take a look on taladrod.com  maybe a reality check for you

[spidermike007]

There are some challenges that are unique to the EV market, but in general both new and used car sales are way down here and also in the US right now. Just wait, this is likely only the beginning. 

 

You can only pump so much hot air into a balloon before it starts showing some stress fractures and that's what we are about to see. 

[JBChiangRai]

36 minutes ago, spidermike007 said:

There are some challenges that are unique to the EV market, but in general both new and used car sales are way down here and also in the US right now. Just wait, this is likely only the beginning. 

 

You can only pump so much hot air into a balloon before it starts showing some stress fractures and that's what we are about to see. 

 

You reminder of those people looking at a climbing or declining graph and tell me that it is about to plateau and reverse.

 

Are you psychic or just a conspiracist?

[JBChiangRai]

The title of this thread is

 

Shocking slump: Thailand’s premium EV sales plunge 35%

 

Let me make that title more accurate for you

 

Shocking boom: The %age of new car registrations being EV's continues to increase for 5th month running.

Or

Shocking slump: New car sales plunge 25% but the EV percentage rises for 5th month running & the ICE percentage declines for the 5th month running.

 

 

[Bandersnatch]

Many of the replies here clearly failed to read the title. This is about Premium EV sales and sources quoted are from BMW.

 

Many replies assume all EV sales are down in Thailand when in fact comparing the first 6 months of 2023 and 2024, EV sales are up.

ICE sales are down particularly pickups

 

“Pickups and pickup passenger vehicles took a big hit. In March, pure pickup sales dropped by 45.2%, and pickup passenger vehicles by 46.6%”

 

https://thethaiger.com/guides/automotive/thailand-automotive-sales-in-2024

 

 

 

 

 

 

 

 

[JBChiangRai]

1 hour ago, Andycoops said:

Good, I hope the chinese lose all their investments, I for one won't be buying the crap particularly if it's labelled premium.

 

I haven't come across anything remotely premium in their products to date, cheap crap 

 

Let's look at the evidence shall we.

 

Swiss & Wall Street financiers UBS paid engineers to tear down a BYD Seal.

 

Their conclusions presented to the German car industry were as follows.

 

Usually, a cheaper price means a less well-made product and conversely a more expensive price means a better made higher quality product.  The BYD Seal is a higher quality product at a lower price.  Additionally, BYD achieves a far higher degree of integration and is at least a generation ahead.

 

Watch the video from 2:15

 

 

[vinny41]

59 minutes ago, Bandersnatch said:

Many of the replies here clearly failed to read the title. This is about Premium EV sales and sources quoted are from BMW.

 

Many replies assume all EV sales are down in Thailand when in fact comparing the first 6 months of 2023 and 2024, EV sales are up.

ICE sales are down particularly pickups

 

“Pickups and pickup passenger vehicles took a big hit. In March, pure pickup sales dropped by 45.2%, and pickup passenger vehicles by 46.6%”

 

https://thethaiger.com/guides/automotive/thailand-automotive-sales-in-2024

 

 

 

 

 

 

 

 

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

[JBChiangRai]

2 minutes ago, vinny41 said:

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

 

And yet the percentage share of EV's as new registrations has risen every month for the last 5 months and the ICE market share continues to decline.

 

EV sales percentages are rising and legacy cars are falling.

 

[thesetat2013]

7 hours ago, Geoffggi said:

They should read the reports on depreciation on second hand EV's, these vehicles are just not worth the expense 

Actually. They probably have read the news about the increase in electric bills coming soon. It has only been delayed through the end of year as the news claims yesterday. 

[vinny41]

1 minute ago, JBChiangRai said:

 

And yet the percentage share of EV's as new registrations has risen every month for the last 5 months and the ICE market share continues to decline.

 

EV sales percentages are rising and legacy cars are falling.

 

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.

[JBChiangRai]

Just now, vinny41 said:

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.

 

I think the important point is the trend.

 

Of those (admittedly limited) people ordering a new car, every month for the last 5 months, a greater percentage of people shunned the legacy ICE car and instead made the switch to EV.

 

It's not about the numbers, it's about the percentages.  Overall, all new car sales are down but the EV share is stealing customers from the ICE share and it's only the EV share that is increasing as more people turn away from ICE.

[JBChiangRai]

4 minutes ago, vinny41 said:

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.

 

Except we are not talking about a single EV sale we are talking about thousands!

[digger70]

7 hours ago, Crossy said:

 

Do you have links to these reports please. It's always good to have all sides of the discussion.

 

How does EV depreciation compare to ice depreciation?

According to data from AutoTrader, EV depreciation within the first 12 months is higher than for petrol or diesel cars. After this point, the rate of depreciation slows significantly, matching that of ICE cars over time.Jun 14, 2567 BE

[vinny41]

4 minutes ago, JBChiangRai said:

 

Except we are not talking about a single EV sale we are talking about thousands!

And still very small numbers compared to ICE vehicles 

[JBChiangRai]

Just now, vinny41 said:

And still very small numbers compared to ICE vehicles 

 

But that share is increasing every month and the ICE share is decreasing every month.

[JBChiangRai]

1 minute ago, digger70 said:

How does EV depreciation compare to ice depreciation?

According to data from AutoTrader, EV depreciation within the first 12 months is higher than for petrol or diesel cars. After this point, the rate of depreciation slows significantly, matching that of ICE cars over time.Jun 14, 2567 BE

 

EV depreciation is a mess in the UK.  I wouldn't buy one new there, but I would buy a used one.

 

In Thailand there is no difference in EV vs ICE depreciation.

 

I'm in the market for an ORA Good Cat for my youngest daughter, they are too expensive second hand, same is true for an MG4 my other choice for her.

[vinny41]

6 minutes ago, JBChiangRai said:

 

I think the important point is the trend.

 

Of those (admittedly limited) people ordering a new car, every month for the last 5 months, a greater percentage of people shunned the legacy ICE car and instead made the switch to EV.

 

It's not about the numbers, it's about the percentages.  Overall, all new car sales are down but the EV share is stealing customers from the ICE share and it's only the EV share that is increasing as more people turn away from ICE.

Rubbish More ICE vehicles were sold in the last 5 months compared to EV

as previously stated if you have 100% market share there is only one way to go 

[JBChiangRai]

Just now, vinny41 said:

Rubbish More ICE vehicles were sold in the last 5 months compared to EV

as previously stated if you have 100% market share there is only one way to go 

 

The numbers disagree with you.

 

EV percentage share of new cars has climbed every month for the last 5 months and ICE percentage share has fallen for the same period.

[vinny41]

2 minutes ago, JBChiangRai said:

 

But that share is increasing every month and the ICE share is decreasing every month.

Overall maybe 10-11% of the new vehicles purchased still leaves ICE with 89-90% share

 

[vinny41]

4 minutes ago, JBChiangRai said:

 

The numbers disagree with you.

 

EV percentage share of new cars has climbed every month for the last 5 months and ICE percentage share has fallen for the same period.

but in real numbers Majority of cars sold  this year were ICE vehicles hundred of thousands

compared to 24K EV's

[WHansen]

10 minutes ago, JBChiangRai said:

 

The numbers disagree with you.

 

EV percentage share of new cars has climbed every month for the last 5 months and ICE percentage share has fallen for the same period.

The way you're fighting the EV corner seems like you've bought one of the pieces of c*** and are trying to justify the mistake to yourself 😂

[Bandersnatch]

Just now, WHansen said:

The way you're fighting the EV corner seems like you've bought one of the pieces of c*** and are trying to justify the mistake to yourself 😂

The problem for EV owners trying to have discussions with EV haters is that they have to spend the whole time fact checking the unsubstantiated rubbish that’s posted.

 

Case in point, your post.
 

Your opinion was based upon owning how many EVs?

 

Ok, so how many have you actually driven? 
 

Have you even sat in one then?

 

Not exactly an expert witness then are you.

 

[NoDisplayName]

2 hours ago, Bandersnatch said:

Many of the replies here clearly failed to read the title. This is about Premium EV sales and sources quoted are from BMW.

 

The title was sculpted specifically to entice clicks from the legions of ICE devotees, providing confirmation of their presuppositional biases.

 

It guarantees future traffic, as this article will be linked to in online debates as proof that EV's are dying.

[kwak250]

26 minutes ago, WHansen said:

The way you're fighting the EV corner seems like you've bought one of the pieces of c*** and are trying to justify the mistake to yourself 😂

Now this made me laugh sorry Ev guys

[bkk6060]

They are lousy cars.  A fad, hey look at me.  Most people who have them wish they did not. Big waste.

[Thingamabob]

8 hours ago, simon43 said:

I was talking to one of my online students in Hong Kong.  He was sitting in a restaurant because he and family had to stay for 2 hours in the shopping mall while the family EV was recharging....

 

Why didn't you recharge the car before you came out? I asked.  There is no EV charging at home - they live in a high-rise condo and the only EV charging is at the shopping mall and garages....

Why would anyone buy an EV if they live in a high rise ?  Not very clever.

[Bandersnatch]

1 minute ago, bkk6060 said:

Most people who have them wish they did not

I bought a second one and then an electric motor bike.

 

Damn, I keep forgetting I don’t like them.

[transam]

25 minutes ago, Bandersnatch said:

The problem for EV owners trying to have discussions with EV haters is that they have to spend the whole time fact checking the unsubstantiated rubbish that’s posted.

 

Case in point, your post.
 

Your opinion was based upon owning how many EVs?

 

Ok, so how many have you actually driven? 
 

Have you even sat in one then?

 

Not exactly an expert witness then are you.

 

Perhaps folk do their homework before getting involved with something new. Does anyone want to gamble on an expensive item they want to last for years with no  hassle.

It is obvious to many that the few here took the gamble, which it was, but do not like being questioned on it.

I have read a lot on the downside of an EV ownership, most of the criticisms would p_ss most folk off, but we have probably all read the same stuff.

 

[transam]

3 minutes ago, Bandersnatch said:

I bought a second one and then an electric motor bike.

 

Damn, I keep forgetting I don’t like them.

Well, you may have been brainwashed by John down the lecy wheels outlet..😋

[Lacessit]

It doesn't matter what sales of EV's are relative to ICE's.

 

The simple fact is Thais are up to their eyeballs in debt, and it is only getting worse as all Thais must have the latest and best.

 

Every day, there are vehicle transporters heading back from Chiang Rai to Bangkok with repossessed vehicles. The new and secondhand dealer yards are choked with unsold cars.