What is the best selling electric car in Asia

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The market for electric vehicles in Asia is growing rapidly, with the number of electric car sales spiking in the year 2021. In the provided data by EV-Volumes, the Asia-Pacific region alone sold close to 2.96 million electric vehicles last year, with the China market being the top consumer.

In China, the January 2022 electric car sales were up to 141 percent higher than their records in January 2021, with over 400,000 electric cars sold. It is currently the highest electric car sales growth in the global market for electric vehicles this year.

Here are the top 10 electric vehicle manufacturers in Asia:

1. BYD Auto

BYD is a Chinese manufacturer of electric vehicles and energy storage products.

With the China market being the top consumer of the electric car market in 2022, it is no longer surprising that a Chinese electric vehicle manufacturer will land on the list of the best-selling electric vehicle manufacturers in Asia and the world. In fact, in 2019, BYD is second to Tesla, with 229,506 sold units.

2. SAIC - General Motors Wuling

Wuling Hong Guang MINI EV sets a massive sales record in the EV market with over 400,000 cars sold in 2021.

Based on the record of the China Passenger Car Association, the all-time monthly record was set by Wuling Hong Guang MINI EV in December 2021, with over 50,561 units sold.

It is now being recognized as one of the best budget electric cars in the world.

3. Nio

Nio is one of the top Chinese electric vehicle manufacturers in Asia. It was founded in November 2014 as a global electric vehicle company. Nio sold around 91,429 vehicles in 2021, which represents a total year-over-year increase of 109.1%.

4. Nissan

Japan's Nissan is no doubt will be on the list of the best electric vehicle manufacturers in Asia and in the world while they are producing one of the world's best-selling electric vehicle models, the Nissan LEAF.

In 2020, Nissan Leaf celebrated its 10 year anniversary since it was first introduced in the market in 2010. For that 10-year period, Nissan was able to sell over 500,000 LEAF units all over the world.

5. Zhidou

Zhidou, best known for their D2 electric minicar, is also among the top electrical vehicle manufacturers in Asia. The company started to develop electric cars in 2005 intended only for the European market. They built a compact electric car for city transport, especially for easier parking. Their ambition is to make electric cars available for everyone, and they call their first product as the "Wise Bean." In 2013, this car won the "Green Car of the Year" award, passing around 63 tests.

6. Hozon Auto

Hozon Auto is a Chinese all-electric car company founded in 2014. In October 2021, Hozon Auto was able to deliver about 8,107 units of the EV brand NETA, which is 294% higher than their year-ago record.

7. Great Wall Motors

Named after the Great Wall of China, Great Walls is also one of the best-selling electric vehicle manufacturers in Asia. In 2020, the sales of new energy vehicles reached an estimated 59,000 units. The company also looks forward to an annual sales of 4 million vehicles in 2025.

8. SAIC Motor

SAIC Motor Corporation is one of the largest automotive companies in China with annual sales of more than $120 billion USD as of 2019. The company also manufactures EVs under their own brands such as Roewe and Chery but also sells electric vehicles through joint ventures with other companies such as Dongfeng Motor and JAC Motors.

The company achieved a total vehicle sales volume in China in 2020 of over five million units, ranking number one in the field for more than 15 years in a row.

9. Xpeng

XPeng is a Chinese electric vehicle manufacturer founded in 2014. XPeng records strong automobile sales from the very beginning of 2022, with the fifth consecutive monthly result well above 10,000.

10. Hyundai

Last but not the least, best known for their EV model Hyundai Ioniq 5, it is impossible for the South Korean automotive company Hyundai to not be mentioned in the list of the best electric car manufacturers in Asia. In fact, in 2021, Hyundai Plug-In Wholesale Sales reached over 160,000 deliveries.

Hyundai Ioniq 5 is also known as one of the top electric cars in the world, using two different battery packs: 58kWh and 72.6kWh.

11. Toyota

Japan's Toyota has been one of the best electric vehicle manufacturers not just in Asia but worldwide. Toyota has released several models of electric cars, such as the Prius Plug-In, Highlander Hybrid, and RAV4 EV.

Toyota is aiming to sell 3.5 million electric vehicles globally in 2030 and market 30 different electric models.

12. Mahindra Electric

Mahindra is the company that pioneered the sales of electric vehicles in India. It was one of the first to sell electric cars in the country, launching the Mahindra Reva in 2001.

Mahindra not only produces electric vehicles, but also manufactures batteries for electric vehicles, and collaborates with various organizations to promote charging electric vehicles.

13. Tata Motors

Tata Motors is one of India's largest electric vehicle manufacturers. The automotive sector includes automobiles, trucks, buses, trucks, and defense vehicles. Its employees include Jaguar Land Rover and Tata Daewoo. In India, Tata Motors has established a joint venture with Fiat.

Tata Motors also focuses on the electric bus and passenger car market in India. For four-wheeled vehicles, it supplies 3 kinds of transport for you to choose from. Tata Ev, Nano EV, and Tiago are their versions of electric vehicles.

14. Ashok Leyland

Ashok Leyland, a branch of the Hinduja Group, is the fourth-largest maker of city buses in the world, and it is a leader in the Indian market for commercial electric vehicles. The company has partnered with Sun Mobility to expand its automobile expertise.

15. Eclimo

Based in Malaysia, Eclimo is a 100% Malaysian-owned EV company, founded in June 2008 to promote the nations contributions to sustainable energy, and to introduce the wonders of the electric-vehicle revolution.

16. CT & T United

CT&T United is a South Korean manufacturer of battery-electric passenger vehicles such as its eZone Medium-Speed Vehicle and cZone low-speed vehicle. The CT&T eZone is the only electric car of this kind to pass the international crash test for passenger vehicles.

17. Mitsubishi Motors

Mitsubishi Motors Corporation is a Japanese automobile manufacturer based in Minato, Tokyo, Japan. In May 2011, Mitsubishi Motors was the sixth largest Japanese automaker and the nineteenth largest in the world by production.

In 2009, Mitsubishi launched the i-MiEV, the first-ever mass-produced electric vehicle. Then, The American Council for an Energy-Efficient Economy gave Mitsubishi I the Greenest Vehicle of the Year award in 2012.

18. Honda

Japanese automobile company, Honda, released an electric car sedan in European and Asian markets in 2020. Honda sold about 4.46 million new vehicles worldwide in 2020, including 14,000 electric vehicles and 240 FCEVs.

The company set a goal of attaining two-thirds of worldwide new sales from electrified vehicles by 2030. Included in these categories are hybrids, which combine both a gasoline-powered engine and an electric motor.

19. Vinfast

Vinfast is the automotive manufacturing subsidiary of VinGroup. They manufactured the VF e34 EVs which is their first model and the first-ever electric vehicle to be sold in Vietnam.

VinFast is also betting on its own locally-produced electric vehicles by partnering with several battery manufacturers and investing $400 million to develop its own LFP cells in-house.

20. Subaru

Japanese car manufacturing company Subaru finally joined the EV party with the debut of their first battery-electric vehicle, Solterra. The name comes from 'Sol' meaning sun and 'terra' meaning earth.

The brand plans to have 40% of its global sales be from electric or hybrid vehicles by 2030.

Electric vehicle sales globally by model 2023

The Tesla Model Y was the worlds most popular plug-in electric vehicle with worldwide unit sales of roughly 771,300 in 2022. That year,

deliveries of Tesla's Model 3 and Model Y

have surpassed 1.7 million.

Competition increases in electric vehicle manufacturing

While two out of the five best-selling plug-in electric vehicle (PEV) models were Tesla-branded, the battery electric vehicle manufacturer faced competition from Asian brands in 2022. China-based BYD overtook Tesla as the

best-selling PEV brand that year

, relying on a large offering of plug-in hybrid electric models. No European models made it to the top ten that year.

Technology drives automotive electrification

Electric vehicles are growing in popularity. Consumers have become more interested in plug-in electric vehicles following important technological developments. Technology has significantly increased the

range of electric vehicles

and public charging infrastructure, meaning that plug-in vehicles are becoming more accessible and practical. However, while technological advances have contributed to the success of the market, the lack of public awareness surrounding electric vehicles,

range anxiety and the geographical distribution of charging infrastructure

could lower demand.

Southeast Asias most popular electric vehicles in 2023

• Sales of electric vehicles in 2023 will grow.
• Appetite for green vehicles in Southeast Asia relies mainly on pricing.

Electric vehicles have emerged as a significant trend among automotive manufacturers in recent years, especially in largely untapped markets like Southeast Asia. Globally, EV sales have been on an upward trajectory, so much so that by the first three months of 2023, one in every seven cars sold was an EV, Counterpoint Research data shows.

Generally, the market growth of electric vehicles in Southeast Asia has been relatively slow compared to other regions such as Europe, North America, and China. Despite the slower adoption, major automotive players are nowrecognizing Southeast Asias potential, with many promoting adoption and increase production of EVs in the region.

Moreover, Southeast Asian countries have set lofty EV targets and introduced many incentives to promote consumer adoption and attract EV manufacturers to set up bases. Although, as of 2022, sales are tiny compared toglobal EV sales, constituting just 0.5% of the worldwide total, passenger EV demand is increasing gradually across the region, according to available data.

In terms of countries,Thailand is the most advanced in the number of electric vehicles sold as of 2023, accounting for more than half of the regions sales, followed by Indonesia and Vietnam. For Thailand, the rise is explicitly attributed to its government pushing EV sales through demand-side and corporate income tax incentives for EV manufacturers.

A recent report by Counterpoint Research indicated that becauseTesla slashed pricesfor its models globally in January 2023, other automotive brands announced similar cuts for their car models starting in February this year, which led to an improvement in the sales of electric vehicles.

During February and March, almost 40 automakers, including BYD, NIO,Xpeng, Volkswagen, BMW, MercedesBenz, Nissan, Honda, and Toyota, reduced their vehicle prices by a couple of hundred dollars to tens of thousands of dollars, which eventually stoked a competitive price war in China, research analyst Abhik Mukherjee said in regards to the market dynamics.

Global EV sales up 32% YoY in Q1 2023 driven by price war. #USA surpassed #Germany to become the worlds second-largest EV market in Q1 2023 while #China remained the leader.Source: Counterpoints Twitter

While Teslas Model Y remained the best-selling model globally, followed by Teslas Model 3, the type of electric vehicle topping the chart in Southeast Asia as of 2023 differs. Below is the list of EV brands that have made significant strides in the region as of June 2023.

Chinas BYD dominating SEA with its electric vehicles in 2023

While many Chinese EV companies have been accelerating their overseas expansion, BYD is among the more aggressive ones. The Chinese automotive conglomerate, according to a May 2023 Bloombergreport, announced plans to produce electric vehicles in Vietnam as it prepares to expand operations further and establish a local supply chain to cater to the Southeast Asian market.

Separately, data released by the Land Transport Authority of Singapore shows BYD surpassed Tesla to be the best-selling EV brandin Singapore during the first five months of 2023, registering 303 electric vehicles. For context, the number of electric vehicles registered in the city-state between January to May 2023 was 1,462.

Complete sales of electric vehicles in Singapore as of May 2023.

BYD has been the only brand to cut the stranglehold of Japanese automakers in the Southeast Asian region, mainly due to its cheap EV models. The Shenzhen-based carmaker dubbed the largest EV manufacturer in the world, first entered the region through its retail foray into the Thailand market in 2022.

By this year, BYD had announced plans to startconstruction of its first plantfor electric vehicles in the region, in Thailand. Four million cars are sold in Southeast Asia on average each year, and BYDs factory will have an annual capacity of 150,000 EVs when it is completed next year (2024), aSouth China Morning Postreport indicated.

In short, its only the beginning of BYDs dominance in the Southeast Asian region. Still, BYD has dethroned Tesla globally asthe worlds largest EV maker, with 1.86 million deliveries in 2022, more than tripling its sales in 2021. For context, Tesla delivered about 1.31 million EVs last year.

Chinas Wuling with the best-selling EV model across the region in 2022

Chinese automobile manufacturer SAIC-GM-Wuling (SGMW), a joint venture between SAIC Motor, General Motors, and Liuzhou Wuling Motors, entered the Southeast Asian market in Indonesia first. Indonesia is Wulings first international expansion, with its Air model selling at a mere US$16,000 less than half the price of alternatives.

By the end of 2022, six months after the launch of the Air model, Wuling already dominated the EV market share in Indonesia by 68.7%, according to the Association of Indonesia Automotive Industries (Gaikindo). Since entering Indonesia last August, its sold some 8,000 vehicles as of January 2023.

Wuling Air EV at Bandung, Indonesia. Source: Shutterstock

The number may be small compared to the manufacturers sales figures in their home turfs of the US and China, but its equivalent to 78% of the EV market in the Southeast Asian country, ablog postingby Wuling reads.

Indeed, based on Counterpoint Researchs data, Wulings Air EV was the best-selling model across the region in 2022 by simply being one of the most affordable EV options. After Indonesia, Wuling Air made its foray into Thailand earlier this month and immediately became the cheapest EV in the country, dethroning the Neta V.

This marks the regions second market for Wuling Air, following its successful launch in Indonesia. Interestingly, the Wuling Air is also manufactured in Indonesia, and the initial batch of 400 units in Thailand has been fully imported from there (CBU), aCarlistarticle reads.

Vinfast 2023, the year of its electric vehicles in SEA?

VinFast, a member of Vingroup the largest private corporation in Vietnam,is almost everywherebut hardly in Southeast Asia. The EV maker chose to kick start its journey out of Vietnam with sales in North America and Europe first. Yet by 2022, despite only being in Vietnam, in terms of automotive groups, Vingroup will lead the Southeast Asian EV sales, closely followed by Wuling, Counterpoints data shows.

But during the Future Mobility Asia 2023, VinFast announced it would be ready to throttle into the Asian market fully. Aside from that region, the Vietnamese car market is also looking at China and South Korea. Expanding to the Southeast Asia region is part of VinFasts global development strategy. We have set a target to provide ASEAN countries with smart and safe mobility solutions, said Le Thi Thu Thuy, Vice Chairman of Vingroup and VinFast.

To recall, it was only in 2021 that VinFast launched its firstEV for the Vietnamese market, the e34 compact crossover. Global expansion began in 2022 when VinFast opened showrooms in the US, Canada, and Europe and became the worlds first global Vietnamese EV company.

Dashveenjit Kaur| @DashveenjitK

Dashveen writes for Tech Wire Asia and TechHQ, providing research-based commentary on the exciting world of technology in business. Previously, she reported on the ground of Malaysia's fast-paced political arena and stock market.