BANGKOK — The rush of Chinese automakers into Thailand’s electric vehicle market is fueling a race to the bottom on prices, but heated competition in a soft market has raised alarms, prompting at least one player to turn to hybrids.
At the Bangkok International Motor Show earlier this spring, Chinese EV giant BYD’s booth at the center of the venue caught visitors’ attention with an update of its flagship Atto 3 sport utility vehicle, priced at 899,900 baht ($24,500) after the application of subsidies — 18% lower than the current model. The company also offered discounts on electric sedans and hatchbacks ordered at the event, keeping the booth buzzing.