Vietnam among ASEAN countries recording EV sales surge

The Association of Southeast Asian Nations (ASEAN) is witnessing a rise in the sales of electric vehicles (EVs) in Vietnam, Malaysia and Indonesia, according to Maybank Investment Bank Research (Maybank IB Research).

EVs made by Vietnamese maker VinFast

The research house said that favourable regulations, local brands and penetration of Chinese carmakers will drive sales higher.

ASEAN companies that are partnering with Chinese car makers for manufacturing and sales and battery value chain companies firms will benefit from the EV rush, it noted, elaborating that they are backed by mineral resources and ecosystems related to battery, as well as a large automotive production base and robust demand.

Maybank IB Research also said that the battery cell glut globally will benefit ASEAN making EVs more competitively priced vs petrol./.

VNA