Thailand’s Electric Vehicle Market: Toyota Leads the HEV Market

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Thailand electric vehicles Toyota Motor market EV HEV PHEV BEV sales increase best-selling model Corolla Cross HEV SAIC Motor’s MG brand sales volume vehicle type EV type brand model passenger vehicle LCV truck bus recent policy business trends battery size tariff reduction tax system National Electric Vehicle Policy Committee subsidy Thailand’s Board of Investment MG HS PHEV MG EP EV joint venture Long-term Low Greenhouse Gas Emission Development Strategies (LT-LEDS) Prime Minister of Thailand Prayut Chan-o-cha Honda Motor City Hybrid City Hatchback HR-V e:HEV Mitsubishi Motors Outlander PHEV Nissan Motor Kicks e-POWER SAIC Motor Great Wall Motor Haval H6 Hybrid Ora Haomao EV Haval Jolion Hybrid CP Foton Truck Mate TM iBlue45 Aumark 4W iBlue85 Aumark 6W iBlue165 Aumark 6W iBlue220 Auman EST iBlue280 Mercedes-Benz GLE 350de 4MATIC S 580e AMG Premium EQS local production BMW X3 xDrive30e M Sport iX iX3 Lexus Audi Thailand EV lineup

Electric vehicle (EV = HEV + PHEV + BEV) sales in Thailand increased 41.4% from the previous year to 43,478 units (based on newly registered vehicle data) in 2021. HEVs went up 58.5% to 34,339 units, PHEVs dropped 9.6% to 7,060 units and BEVs rose 61.2% to 2,079 units. HEVs, which account for nearly 80% of all EV sales, have become the driving force of the market, more than quadrupling in the past five years.

Toyota was the market leader in the HEV segment with an estimated 20,000 units sold in 2021. The best-selling model was the Corolla Cross HEV which sold 14,181 units in the first 11 months of 2021. In the PHEV and BEV segments the market leader was SAIC Motor’s MG brand, selling over 1,000 units in both segments.