Technology knows no boundaries, but it also has its own unique process. Here, TechNode will review with you what events occurred in the technology and Internet field in Southeast Asia last week (2024.09.16-2024.09.22).
With several new and established automakers announcing further implementations in Southeast Asia last week, the options available to this emerging market are rapidly increasing, even though the penetration rate of electric vehicles is still relatively low. So here, the question is self-evident: in the face of the current boom in electric vehicles going overseas for Southeast Asia, who will be the most popular brand here?
Of course, the answer is obvious. In terms of sales, according to Counterpoint data quoted by the media, BYD became the best-selling electric vehicle brand in the region with a market share of 47% during the first quarter of this year. At the same time, the data shows that in Southeast Asia, more than 70% of electric vehicle sales are provided by Chinese brands.
At the reason level, the media said that in addition to the relatively competitive price - taking BYD's best-selling model Atto 3 in Thailand as an example (the corresponding model in China is Yuan Plus, the official website price starts at 119,800 yuan), it is reported that the starting price of the model in Thailand is 899,900 baht (about 192,700 yuan), which is much lower than local competitors such as Toyota/Nissan (take Toyota bZ4X as an example, The starting price of the model is 1,836,000 baht), and its rapidly building distribution network in the region is also a necessary factor to make its models more accessible and even selective to more consumers.
In terms of specifics, taking BYD and its Thailand market performance as an example (after all, Thailand is the sales market for electric vehicles in Southeast Asia), according to a data from January this year, BYD's only agent in Thailand, Rever, has nearly 100 dealers. Rever also said at the time that it hoped to increase that number to 300 next year (200 by the end of this year).
Looking ahead, as mentioned above, as more and more players enter the electric vehicle market in Southeast Asia, the local acceptance and recognition of electric vehicles is expected to increase to a new level. And from this point of view, it is not difficult to foresee, as we have witnessed at home, that another storm will be on the horizon. At that time, the answer to the question of who will be the winner here will also bring us more expectations.
Okay, without further ado, let's get to the point of this issue.
Industry & Dynamics
Avita 11 right-hand drive version launched in Thailand: November delivery, plans to enter 50 countries in 2025: Avita recently held a brand launch event in Bangkok, officially launched the Avita 11 right-hand drive version, and announced that deliveries will start in November. The AVATR 11 right-hand drive version has a standard range of 2,099,000 baht (about 447,000 yuan), and a long-range version of 2,299,000 baht (about 489,000 yuan). For reference, the domestic price of the 2024 AVATR 11 starts at 300,800 yuan. In addition, AVATR also released its future overseas plan, planning to expand to five continents, including Europe, in 2025, covering 50 countries around the world, and establishing more than 100 overseas officially authorized stores; Thailand is the bridgehead of Avita to the sea, and in the future, it will radiate more regions in Southeast Asia and the global right-hand drive market.
GAC Aion enters the Philippine market with the opening of its first flagship showroom: According to media reports, GAC Aion has recently announced its entry into the Philippine market, and its first flagship showroom in Makati City, the core business district of Manila, the capital of the Philippines, has also officially opened. According to reports, the Makati showroom covers an area of 1,420 square meters, which is officially called a "one-stop car purchase and after-sales experience".
Malaysia launched a cross-border QR code payment linkage plan with Cambodia: Dongdian Overseas has learned that the State Bank of Malaysia (BNM) and the National Bank of Cambodia (NBC) have launched a cross-border QR code payment linkage between the two countries last Thursday. After that, consumers and merchants in both countries will be able to start paying and receiving instant cross-border QR codes.
The number of Bawang Chaji stores in Malaysia exceeded 130: On September 20, the first batch of new flagship spaces in Bawang Chaji Malaysia officially opened. Since entering Malaysia in 2019, Bawang Chaji has set up a professional team in the local area to deeply cultivate the local market, and the total number of stores has exceeded 130.
News says TNG Digital plans to launch a local IPO in the next few years: According to Reuters, two people familiar with the matter recently quoted by Reuters, Malaysia's largest fintech company, TNG Digital, is considering a local IPO in the next two to three years and is expected to raise more than $300 million for it. Before the IPO, TNG Digital is expected to be valued at more than $1 billion (i.e., unicorn valuation), the sources said. However, Reuters also pointed out that at present, the specific valuation of TNG Digital is not yet known.
Survey: Nearly 90% of Malaysia suppliers are interested in cooperating with Chinese counterparts in EV parts: Malaysia's local car brand Proton recently said that according to the survey, 87% of Malaysia suppliers are interested in cooperating with Chinese suppliers in electric vehicle (EV) components.
According to the survey, distribution, technology transfer cooperation, joint venture partners, skills development cooperation and joint business investment have become the main areas of interest among these cooperation intentions.
VinFast launches VF 3 in the Philippines: It is reported that last week, VinFast, a Viet Nam new energy vehicle company, officially opened reservations for its mini electric SUV model VF 3 in the Philippines. According to reports, this is the first time that VinFast has launched its mini electric SUV in the international market. Meanwhile, VinFast said early customers who pre-order VF 3 will enjoy a number of incentives and privileges from September 19 to 30.
Investment and financing
Climate tech company CarbonEthics secures $2.1 million in funding: Founded in 2019, CarbonEthics was founded to develop solutions for blue carbon ecosystems (carbon dioxide captured from marine and coastal ecosystems). The company then expanded its scope to include peatlands and green ecosystems.
Specifically, at present, CarbonEthics will mainly provide solutions to corporate customers – including carbon projects that focus on ecosystem and biodiversity conservation, as well as reforestation to restore ecosystems to help them meet their climate goals. In addition, CarbonEthics also provides external carbon consulting services to provide clients with ESG consulting to achieve carbon reduction goals in compliance with regulations.
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