GM said the investment will help support EV eligibility for consumer incentives under new, clean energy U.S. World GDP Growth Under Differing Scenariosĥ.WASHINGTON - General Motors said on Tuesday it will invest up to $69 million and take an equity stake in Queensland Pacific Metals to secure a new source of nickel and cobalt for battery cells for use in the U.S.
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Similarly, the Indonesian Government promotes LCGCs and offers income tax incentives (up to 20 years of full corporate tax exemption) that are likely to bring production attractiveness to the automotive market. Thailand's National EV Roadmap targets for 圎V production to reach 30% of total production in 2030. For example, Thailand aims to become an EV hub by 2025. The trend of Low-cost Green Car (LCGC) and Electric Vehicle (EV) development will penetrate further in ASEAN. In Malaysia, Proton grew significantly in 2020, an increase of 4.4% year-over-year (YoY). In particular, Isuzu D-Max and Toyota Hilux are the key contributors in the Commercial Vehicle (CV) segment in Thailand and Malaysia. Toyota, Honda, Mitsubishi, Nissan, and Isuzu are the key contributors in Thailand, Indonesia, and Malaysia. Japanese automotive brands lead the ASEAN market. However, political uncertainties, such as the suspension of the Malaysian Parliament and the extension of the state of emergency in Thailand are affecting the country's development. In addition, the progress of vaccination is one of the critical factors that have a significant relationship with GDP recovery and outbreak control. The impact is expected to be significant in terms of a weaker Gross Domestic Product (GDP), lower utilization of vehicles, and lesser automotive purchase attractiveness in the short term.Īn increase in government spending (including fiscal injections, infrastructure development, individual financial aid, and tax exemption) in Thailand, Indonesia, and Malaysia in 2021 is likely to accelerate the economic activity in these countries. Thailand surpassed Indonesia and led the market in 2020.Įspecially in 2020, the outbreak of the COVID-19 pandemic influenced the automotive market's activities due to the implementation of social distancing, reduction of retail operations, and production closures. Of these, Thailand, Indonesia, and Malaysia contributed a joint market share of 74.9%. Passenger Vehicles (PVs) constituted 63.9% of the market and Commercial Vehicles (CV) accounted for 36.1%. In 2020, due to the COVID-19 pandemic, the Association of South East Asian Nations (ASEAN) automotive market experienced a significant sales decline of 28.5%, from a total sales of 3.5 million units in 2019 to 2.5 million units in 2020. In addition, it highlights 5 key trends and overall impact levels that will influence the automotive market in Thailand, Indonesia, and Malaysia in 2021, respectively. This research includes segmentation breakdown in 2020, such as vehicle segment, key Original Equipment Manufacturers (OEMs) and market share. It provides the automotive market snapshot in these 3 ASEAN countries.Įach country snapshot covers the Total Industry Volume (TIV), in the historical period (2016-2020) and the forecast period (2021-2025). This study assesses the automotive market in key ASEAN countries, with a focus on Thailand, Indonesia, and Malaysia.
9, 2021 /PRNewswire/ - The "ASEAN Automotive Outlook, 2021" report has been added to 's offering.
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