BANGKOK Tesla Inc introduced two electric vehicle EV models in Thailand on Wednesday, marking the first foray into the regional autos hub that has been dominated by Japanese manufacturers.
Two EVs with prices ranging from 1.7 million baht to 2.5 million baht $48,447 to $71,205 comes as Thailand pushes for EV adoption and production by offering tax cuts and subsidies.
The U.S. automaker plans to sell its EVs via online channels in Southeast Asia's second-biggest economy, with deliveries expected to start early next year. But it faces stiff competition from Chinese brands like BYD and Great Wall Motors, which have set up showrooms and distribution partners in recent years to reach customers and offer EVs with prices starting at 800,000 baht.
Tesla didn't provide any details on sales targets.
Thailand is Asia's fourth largest auto assembly and export hub for companies like Toyota Motor Corp and Honda Motor Co Ltd. It produces about 1.5 million to 2 million vehicles annually, of which about half are exported.
The Thailand Automotive Institute said there were 7,000 new battery EVs registered in the first ten months of 2022, up from 2,000 last year, while fuel-based vehicles made by Japanese brands dominate the market.
Customers who showed up to the launch of the new Tesla model in a luxury mall in central Bangkok said they were interested in the new cars being offered.
I'm excited. The price differences aren't significant from other EV brands, said office worker Thitipun Paisirikul, 36, who said he expected the re-sale value of the car would be high.
The government wants 30 percent of vehicles produced in the country to be electric by the year 2030.
State-owned energy firm PTT Group announced this year a $1 billion joint venture with Taiwan's Foxconn to produce EVs in Thailand.