Japan and China stir up electric pickup truck market in Thailand

The two 'giants' in electric pickup truck manufacturing, Japan and China, are racing to gain market share in Thailand and expand to other markets.

Japanese automaker Isuzu plans to launch an electric pickup truck in Thailand and other countries as early as 2025. (Source: Nikkei Asia)

Japan accelerates

Japanese automaker Isuzu plans to launch electric pickup trucks in Thailand and other countries as early as 2025, aiming to maintain a high market share in the Southeast Asian country as Chinese automakers take the lead in the race to produce electric vehicles.

Pickups account for about half of Isuzu’s global vehicle sales, and this will be the company’s first electric pickup. The new vehicle will be based on Isuzu’s D-Max and built in Thailand for a planned launch in 2025 in Norway, where emissions regulations are tightening. Isuzu will then bring it to Thailand, one of its biggest markets.

Isuzu currently controls about half of Thailand’s pickup truck market, which accounts for more than 40% of the country’s auto sales. In 2021, the Japanese automaker outlined plans to launch light, medium, and heavy-duty trucks and pickups by 2030. The new model will be the company’s second electric truck, following a light-duty model announced earlier this year.

According to research firm MarkLines, EV sales in Thailand reached 5,014 units in July 2023, accounting for about 8% of new car sales. The pace of EV sales is likely to accelerate further in the coming time thanks to government support policies such as subsidies for domestically produced vehicles.

China enters the game

Meanwhile, Chinese automakers are increasing their presence in Thailand. Chinese auto industry leader BYD, which is building an electric vehicle plant in Rayong province in eastern Thailand, accounts for about 30% of electric vehicle sales in Thailand.

China’s state-owned Changan Automobile will invest 9.8 billion baht ($279 million) in an electric vehicle plant in Thailand, while SAIC Group and Great Wall Motor also plan to produce vehicles in the Southeast Asian country. The Chinese automakers currently do not have an electric pickup truck on the market but are considering adding more models in the future.

Meanwhile, Japan’s largest automaker Toyota Motor also plans to bring electric pickup trucks to the Thai market. This further urges Isuzu to rush to launch a new model to maintain its market share.

As competition in the sector heats up, Isuzu also plans to bring electric pickups to the rest of Europe and the Middle East.

According to research firm Global Information, the global pickup truck market value is expected to increase from $202.2 billion in 2022 to $238.6 billion in 2028.

Source: https://baoquocte.vn/nhat-ban-va-trung-quoc-khuay-dong-thi-truong-xe-ban-tai-dien-o-thai-lan-239809.html