India’s Tata Motors launched a 300,000 NTD affordable electric car to grab the market, Nikkei Asia predicts that 2023 will be “the first year of electric vehicles in Asia”
2023 is the first year of electric vehicles in Asia. With the reduction of the cost of electric vehicles, the market is heading for explosive growth. Car manufacturers in countries including China, Japan, Korea, Taiwan and India have successively launched “cheap and practical” models. Among them, Tata Motors of India Car models worth more than NT$300,000 are grabbing the market, and electric vehicles will be popularized throughout Asia in the future.
2023 is the first year of electric vehicles in Asia
The electric vehicle industry has become the next important market. After computers and smart phones, this is a business that major multinational companies are striving to expand. “Nikkei Asia” predicts that last year (2022) will be driven by the post-epidemic “tourism recovery” as the main axis of consumption, and this year (2023) will be the first year of electric vehicles with “pure electric vehicles” as the core for Asia.
In the past, in Southeast Asia and other regions, electric vehicles were regarded as high-end vehicles with enough money to pay for environmental protection. Therefore, Japanese fuel vehicle manufacturers have been dominating the market for many years, until a drastic change began in recent years.
As the cost of key components including batteries decreases day by day, the shipments of electric vehicles begin to climb, and the overall industry is about to fall to the “price sweet spot”. Competitive “low-cost electric vehicles” have emerged in Asia. The main players are Chinese players led by BYD, as well as Tata Motors, which has recently emerged.
However, automakers in Japan, South Korea, and Taiwan, which are traditional auto giants, have also launched models to seize market share. The Asian electric vehicle market is buzzing and will enter another stage in 2023. “Nikkei Asia” pointed out that electric vehicles will begin to spread throughout Asia, and the competition for market share will be fierce.
Southeast Asia wants cheap and practical electric cars
Hirotaka Uchida, director of the Southeast Asian automotive business of Arthur D. Little, a management consulting firm, told the Wall Street Journal that people in Thailand and other emerging Asian countries are less affluent, and their requirements for electric vehicles are different from those in European and American countries. They emphasize practicality and cheapness, while Chinese manufacturers are aggressively meeting demand.