Electric Car Sales Growth Still Below Expectations In ASEAN
Yes, the sales growth for the electric car is there but no enough.
Despite impressive growth in major markets, the sales of electric cars are not advancing at the same pace globally. China, Europe and the United States account for roughly two-thirds of the overall car market but around 90 percent of electric car sales.
In most other markets, electric cars account for less than 2 percent of overall sales, and in large developing economies such as Brazil, India, Indonesia, Singapore, Thailand and even Malaysia, the share is still below 1 percent without some increase over the past 2 months in 2022.
While sales of electric scooters and buses are expanding in some of these countries, the price premium attached to electric cars and a lack of charging infrastructure are key reasons for the sluggish uptake. In Japan, electric car sales also barely increased, with their market share remaining below 1 percent over the past three years.
Korea and Australia show the greatest dynamism among smaller markets. In Korea, electric car sales more than doubled in 2021 after two years without growth, increasing their market share to 8 percent.
Electric car sales in Australia also more than tripled in 2021, albeit from a low baseline, bringing their market share above 2 percent.
Malaysia with the recent import tax cuts on electric cars is seeing a surging demand with premium and also mid-range electric vehicles. The biggest surprise came with the Hyundai Kona EV, where it outsold its petrol sibling and the same seems to be happening with the Porsche Taycan which is out selling its sibling, the Porsche Panamera (both are 4 door vehicles).
So, will 2022 be the year when there will be a ‘surge’ in electric car sales? Yes, for sure and we are already seeing it in Malaysia. The rest of the above-mentioned countries are already work fast to get charging infrastructure up and and ready and car manufacturers are launching new electric only models with rather attractive pricing, very attractive as there are close to their petrol powered equivalent and yet offer more luxury and technology.
Right now, in Malaysia, the Hyundai IONIQ5 is selling better than other Hyundai models like the Sonata and Elantra and despite its price from RM199k to RM259k it seems that most buyers want an IONIQ 5 Max for RM259,888.
Then there is the Mercedes EQA full electric car which is priced at RM278,201 which is just a little more expensive than the similar sized Mercedes GLA with bookings surging to triple digit..
Volvo with their latest XC40 full electric SUV which was launched just a week after the Mercedes EQA is already selling well, despite no official selling price. Yes, no official price yet, but we are guessing a selling price of RM258,000 or so which puts it very near the petrol powered XC40.
Then there is news that KIA Motors will be launching the EV6 electric car this year and with possible selling price from RM188k to RM148k. Let us not forget the RM188k Nissan Leaf and the RM178k Mini EV which has been on sale for some time already.
Year end figures for Malaysia might see a 1 to 2 percent increase.
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