Toyota new IMV Series pickup truck Hilux Champ (released in Thailand in November 2023) (Source: Toyota)

  Vehicle production in four major ASEAN countries declined by 1.0% year-over-year (y/y) to 4.1 million units in 2023, and fell further by 12.8% y/y to 1.77 million units for the period of January-June 2024. Regarding the activities related to production, Toyota started production and sales of a new IMV model in Thailand. Subaru and Suzuki will cease their CKD assembly operations soon. In Indonesia, Chinese Great Wall Motor started production of the Haval brand SUV Jolion HV. Chinese Skyworth Auto and Neta Auto are building new CKD assembly plants in Malaysia. In the Philippines, Mitsubishi Motors expanded the production ability at its Santa Rosa Plant.

  Exports from major ASEAN exporting countries, Thailand and Indonesia, increased in 2023. Thailand exported 1.12 million units, up by 11.7% y/y, and exports from Indonesia grew by 6.7% y/y to 510,000 units. Exports from both countries returned to the pre-pandemic level. Thailand exported 520,000 units for the period of January-June 2024, down by 1.8% y/y, and exports from Indonesia decreased by 12% y/y to 220,000 units.

  In 2023, six major ASEAN countries sold 3.4 million new vehicles, down by 0.7% y/y. Sales for the period of January-June 2024 fell by 9.8% y/y to 1.53 million units. 2023 sales remained on the same level of 2022 when sales had returned to the pre-pandemic level. However, sales for the first half of 2024 plunged to the level of 2021 when sales had declined due to the pandemic. Sales in Thailand remained low due to stricter loan criteria amid high household debt levels and slowing economic growth. In Indonesia, demand in the domestic market shrank since use of car loans decreased due to high policy interest rates. Sales increased supported by the demand expansion along with economic growth in Malaysia. In the Philippines, sales continued to grow with new model launches and more supply of vehicles. In Vietnam, sales declined due to cautious consumer spending although the country is on the way to economic recovery.

  The share of electrified vehicles in total vehicle sales is expanding. In Thailand, electrified vehicles (including electric vehicles (EVs), plug-in hybrid vehicles (PHVs), and hybrid vehicles (HVs)) accounted for 31.49% for the period of January-June 2024, up from 20.71% in 2023. The share of EVs increased from 9.28% to 10.48%, and the share of HVs expanded from 10.04% to 19.67%. In Indonesia, the share of electrified vehicles increased to 9.19% for the period of January-June 2024, up from 7.11% in 2023.

  This report is the second part of two reports on ASEAN. ASEAN (1), already posted, provides ASEAN countries’ electrification policies, launch and production plans for EVs, and production plans for EV batteries. ASEAN (2) reports ASEAN market’s production, exports and sales results as well as GlobalData’s sales forecasts.

Related reports:
Auto China 2024: Japanese OEMs (May. 2024)
Carbon Neutrality Initiatives at Japanese OEM Plants (Mar. 2024)
CES 2024: New EV models highlight OEM strategies (Feb. 2024)
Japan Mobility Show 2023: Electrification Technologies (2)  (Nov. 2023)
Plans by Japanese OEMs to Introduce Electrified Vehicles (Aug. 2023)
Honda: Strengthening Alliance in EV Battery and Resource Procurement (Jun. 2024)