The Southeast Asian electric vehicle (EV) market, particularly the top six economies in the region—Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam—represent a significant growth opportunity for automakers. These markets alone are forecast to achieve a CAGR of 16-39% between 2021 and 2035, with annual sales reaching US$100bn by the end of that period, according to EY.

While 2024 saw some financial challenges in these countries related to inflation, low economic growth and cost-of-living crises, some OEMs are pressing ahead with their expansion plans. On 20 January 2025, BYD confirmed that its US$1bn Indonesian plant will be completed by the end of 2025.

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