Imports of electric vehicles (EVs), especially from China, are intensifying competition in the domestic car market, which could lead to a price war with cars powered by internal combustion engines (ICE). Competition has increased over the past two months and should strengthen in the coming years as 2-3 Chinese car companies plan to market their EVs in Thailand under the investment incentive policy launched by the government, said Ratthakarn Jutasen, managing director of Ford Thailand. Prices of certain Chinese EVs are lower than those of ICE cars produced domestically because of lower production costs. This is causing ICE car manufacturers to adjust their businesses, though it is difficult to cut their prices to the same level as EVs, said Mr Ratthakarn. "This is a tough competition because the Thai economy has not fully recovered and the country is dealing with high household debt and interest rates," he said. Mr Ratthakarn was speaking during the Bangkok International Motor Show, which opens to the public today and runs until Dec 11. He said he predicts total EV sales in Thailand this year of 90,000 units, rising to 140,000 units in 2024.
Comments