Business News Asia
Tesla Inc. today (Dec. 7) launched two electric vehicle models in Thailand, marking its first step into the Thai market.
The launch of electric vehicles comes at a time when Thailand is pushing the use and production of electric vehicles through tax incentives and subsidies. The two electric cars being launched this time cost between 1.7 and 2.5 million baht ($48,447-71,205). Tesla plans to start selling electric vehicles in Thailand, Southeast Asia’s second-largest economy, through online channels, with deliveries starting early next year.
Tesla, however, faces stiff competition from Chinese brands BYD and Great Wall Motors, which have set up showrooms and formed distribution partnerships in recent years.
Thailand is Asia’s fourth-largest automotive assembly and export center for companies such as Toyota Motor Corp and Honda Motor Co Ltd, producing about 1.5 to 2 million vehicles annually, about half of which are destined for export.