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Thailand Facing EV Price War After Flurry of Chinese Investment Source : https://evlife.sg/blog/thailand-facing-ev-price-war-after-flurry-of-chinese-investment The arrival of Chinese carmakers and a surge in local production of electric vehicles (EVs) have upended the Thai auto sector. It’s a case of “in with the new and out with the old,” which means Thai consumers could benefit from an extended EV price war (if they want an electric vehicle), but older carmakers that used to dominate the sector, such as Toyota and other Japanese companies, are facing tougher margins. The domestic auto industry is already struggling with tumbling sales, industry experts have told Reuters. Thailand is Southeast Asia’s largest EV market and sales of electric vehicles are forecast to jump 40% this year, exceeding 100,000 units and reversing a 8% drop in sales last year, Suroj Sangsnit, president of Electric Vehicle Association of Thailand (EVAT), said. The expected surge in sales is largely because of a national incentive programme that requires local production of 1.5 vehicles for each imported vehicle between 2022 and 2023 for companies to qualify for tax breaks – and to avoid paying hefty penalties. The program, which also includes price subsidies of up to 150,000 baht ($4,400), helped Southeast Asia’s second-largest economy become the region’s biggest EV market, which registered 70,000 new EVs last year. It imported about 84,000 EVs between 2022 and 2023. Economy sluggish, auto exports also down But it now threatens to intensify bruising price competition in a weak market where auto sales are slumping because of tight credit conditions and ballooning household debt, analysts said. Great Wall Motor for January, dropped the price of its Ora Good Cat as much as 270,000 baht, while GAC AION lopped 166,000 baht off the price tag of its AION Y Plus. Both are Chinese companies. “Price wars will be prolonged, aggressive, and more widespread,” said Siam Commercial Bank (SCB) Economic Intelligence Unit senior analyst Tita Phekanonth, adding that there also could be discounts for internal combustion engine vehicles. Thailand, a major auto production hub in Asia, exports about 60% of locally manufactured vehicles. The Board of Investment (BOI), which anchored the incentive programme, changed some of the rules in December – extending a battery production timeline and offering incentives for hybrids – to ease concerns of oversupply and a price war. BOI chief Narit Therdsteerasukdi said that EV companies would start exporting this year as well, potentially easing oversupply. “They are not restricted to right or left-hand drive either,” he said, pointing out that Chinese carmakers were producing both EV variants in Thailand. “Other markets like Indonesia have also seen investment from (China’s) BYD and Neta,” said Hathaiwal Tungkaterakul, a senior researcher at Kasikornbank, and those companies’ EV exports compete with Thailand’s. Thai auto production dropped for the 17th consecutive month in December because of weak demand at home and abroad. Vehicle exports fell 8.8% in 2024, while domestic sales plunged 26%, the lowest in 15 years. Flurry of Chinese EV investment Drawn by subsidies and tax incentives aimed at converting 30% of its annual auto production to EVs by 2030, Thailand, whose auto sector had long been dominated by Japanese firms, has seen a flurry of Chinese EV investment in recent years. China’s BYD, Great Wall Motor and others have poured more than 102.7 billion baht ($3 billion) into the country, according to EVAT. BYD, Great Wall Motor, Changan and GAC AION, which launched their facilities in Thailand last year, did not respond to a Reuters request for comment on their strategies ahead of potential EV price cuts. Carmakers failing to meet the local production requirements could face up to 400,000 baht ($11,806) per car in penalties and fees, said EVAT’s Suroj, who is also the executive vice president of SAIC Motor-CP, a joint venture of China’s SAIC Motor and Thailand’s CP Group. “It will be competitive,” said Suroj, adding that locally produced vehicles will only qualify for subsidies if they are sold this year, after which government support will cease. BYD has already come under government scrutiny for deep discounts of up to 340,000 baht per EV. The biggest EV seller in the country was cleared of wrongdoing by a consumer watchdog last year.

Xiaomi SUV will launch in Q1 of 2025 according to company insiders Source : https://www.evlife.sg/blog/xiaomi-suv-will-launch-in-q1-of-2025-according-to-company-insiders Chinese media reports that Xiaomi’s second model, the forthcoming SUV, currently code-named MX11, will launch in the first quarter of 2025. It is also known that the production version of the Xiaomi SU7 Ultra will be officially released in March 2025. According to one Xiaomi insider source, the SUV will be launched in February or March. However, another source close to Xiaomi Auto says that the SUV launch will match the rhythm of the SU7 launch. The SU7 launched earlier this year on March 28, with deliveries commencing a few days later. Although officially an SUV, the style of the car is very low, and many Internet users have pointed out that the car has a shape and silhouette similar to that of the Ferrari Purosangue. However, it is also obvious that some of the design elements of the SU7 are carried over into the new car, such as the headlights, continuous tail lights, frameless doors, and semi-hidden door handles. While there is currently no shortage of renderings of what the car will look like, actual pictures of the car still show heavily camouflaged test models. Recently, one Weibo user reported seeing and supplied a video of Xiaomi CEO Lei Jun personally testing the Xiaomi SUV on the highway. Spy shots of the interior show that the new car will differ significantly from the Xiaomi SU7, at least in terms of the center console design. On the SU7, there is a row of buttons going vertically down the left side near the driver, controlling various functions such as the spoiler and air suspension. These are absent from the new SUV, which has just wireless mobile phone chargers, cup holders, and a central armrest with a cubbyhole inside. It is expected that Xiaomi will take a similar approach to pricing the new SUV as with the SU7. The sedan prices deliberately started lower than the Tesla Model 3 with the base Standard model, matching the starting price with the Pro, and exceeding it with the Max. Most probably, the SUV prices will similarly be matched to those of the Tesla Model Y. Currently, in China, the Tesla Model Y is priced from 249,900 yuan (34,500 USD) to 354,900 yuan (48,950 USD). This means that the starting price of the Xiaomi SUV should be significantly under 250,000 yuan (34,500 USD). Xiaomi is working day and night to finish F2, the second phase of its factory. However, it is unlikely that the factory will be complete and put into production before the summer of 2025. The existing factory already works two shifts and is unable to keep up with demand for the SU7, which may inhibit the company’s plans to launch the SUV in Q1. It is likely that the SUV will sell even better than the sedan. With the first phase of the factory already pushed to supply the sedan, launching the SUV without the second phase of the factory being completed could be a mistake. Another possibility is that the first factory will switch to a three-shift pattern to try to maximize resources.

Jaguar unveils new logo ahead of electric relaunch Source : https://www.evlife.sg/blog/jaguar-unveils-new-logo-ahead-of-electric-relaunch Luxury car manufacturer Jaguar has unveiled a new logo and branding ahead of its relaunch as an electric-only brand. The British vehicle maker, owned by Tata Motors, will launch three new electric cars in 2026, having taken new cars off sale more than a year ago to focus on reinventing the brand. As part of its rebrand, Jaguar revealed a brand new logo on Tuesday, alongside a new prancing "leaper" cat design and marketing slogans such as "delete ordinary". The new bespoke logo, written as JaGUar, has "seamlessly blended upper and lower case characters in visual harmony", the company said. Jaguar, which has sites around the country including in Warwickshire, Coventry, Solihull and Castle Bromwich, announced its transition to electric vehicles in 2021. Managing director Rawdon Glover said taking new cars off sale was "intentional" as it looked to create a barrier between the old models and the new Jaguar vehicles. "We need to change people's perceptions of what Jaguar stands for," he said. "And that's not a straightforward, easy thing to do. So having a fire break in between old and new is, actually, very helpful." Jaguar Land Rover (JLR) chief creative officer Gerry McGovern said Jaguar had "its roots in originality" and that its founder, Sir William Lyons, believed it "should be a copy of nothing." The new Jaguar brand was "imaginative, bold and artistic" and "unique and fearless," he added. The first car within the new brand would be a four-door GT built in Solihull, West Midlands, JLR previously said.

VinFast gets US$1b funding led by Emirates Driving Source : https://evlife.sg/blog/vinfast-gets-us%241b-funding-led-by-emirates-driving Vietnamese electric-vehicle maker VinFast Auto Ltd is set to receive at least US$1 billion (RM4.4 billion) of investments from a group of investors led by Emirates Driving Co, a person with direct knowledge of the deal said. The infusion is part of an agreement with the UAE company announced Tuesday, the person said, asking not to be identified because the investment amount isn’t public. Emirates Driving will also provide VinFast with its expertise in driver training and road safety, and the development of an EV ecosystem, the companies said. A representative for VinFast declined to comment on the investment figure, while Emirates Driving didn’t respond to an email seeking comment. VinFast shares have dropped about 53% year-to-date. The Vietnamese automaker posted a net loss of 18.76 trillion dong in the second quarter of this year, compared with a loss of about 13.4 trillion dong a year earlier. VinFast’s billionaire founder and chief executive officer Pham Nhat Vuong said in an interview with Bloomberg TV in June that he was willing to bet all his money on the company’s growth. The EV maker expects to open an India factory in the first half of next year and broke ground on an assembly plant in Indonesia in July. VinFast has delayed the opening of a factory in North Carolina by three years to 2028.

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Honda's Bold Move: Establishing an EV Hub in Ohio Source : https://www.evlife.my/blog/honda%27s-bold-move:-establishing-an-ev-hub-in-ohio Marysville, Ohio – Honda is making significant strides towards an electrified future with the establishment of a new Electric Vehicle (EV) Hub in Ohio. This ambitious project is part of Honda's broader strategy to achieve 100% zero-emission vehicle sales by 2040. Investment and Infrastructure Honda has committed to investing at least $700 million to transform its Marysville Auto Plant (MAP), East Liberty Auto Plant (ELP), and Anna Engine Plant (AEP) into a state-of-the-art EV production hub. This investment will not only retool these facilities for EV production but also create 300 new jobs and upskill 300 existing associates for the assembly of the Intelligent Power Unit (IPU), which houses the EV battery. Strategic Role and Flexibility The EV Hub will play a crucial role in developing Honda's expertise in EV technology, which will be shared across its North American production network¹. The Marysville Auto Plant, Honda's first auto production facility in America, will have the flexibility to produce both internal combustion engine (ICE) vehicles and EVs on the same line¹. This adaptability allows Honda to respond swiftly to market demands while showcasing the ingenuity of its associates. Commitment to Carbon Neutrality Honda's EV Hub is a testament to its commitment to carbon neutrality and sustainable innovation. The company aims to start EV production in late 2025, with retooling efforts already well underway. The establishment of this hub is not just an investment in infrastructure but also in the people who will lead Honda into an electrified future. Leadership and Vision Bob Nelson, executive vice president of American Honda Motor Co., Inc., emphasized the strategic importance of the EV Hub: "Our EV Hub in Ohio is playing an essential and strategic role for the evolution of EV production at Honda, in North America and globally. We are investing in the Honda associates who will be taking on new responsibilities to lead us into the electrified future". As Honda continues to embrace teamwork, respect, and open communication, the values that have driven its success over the past 45 years will undoubtedly power it into a sustainable and electrified future.