The Tesla of Southeast Asia? Meet Somphote Ahunai, the Thai electricity tycoon who’s banking on it
- Thailand’s government sees electric cars as a way to ease Bangkok’s air pollution and fortify the country’s automotive industry
- Tesla does not have a sales operation in Thailand, and the few models seen are delivered from places like Hong Kong, subject to import tax
It’s the epitome of a closed circuit: the utility helping power one of Southeast Asia’s biggest cities is building electric cars, batteries and charging stations for the nascent market, and then supplying the juice to keep them all running.
Southeast Asia has been slow to adopt passenger EVs because of high sticker prices and a predilection for two-wheelers, but Thailand’s government sees them as a way to ease Bangkok’s air pollution and fortify an automotive industry generating about 12 per cent of gross domestic product. Energy Absolute is using subsidies and tax breaks to put 5,000 EVs on the road by next year, backed by 700-plus charging stations. It’s also planning a US$3 billion factory to make lithium-ion batteries.
“The trend is clear: it’s time for Thailand to stop being complacent and pursue higher technology to drive economic growth,” said Somphote, the utility’s founder and chief executive officer. “EV technology opens up new opportunities for success by new players.”
Energy Absolute, Thailand’s second-largest electricity generating company by market capitalisation, unveiled its Mine Mobility passenger EV at this year’s Bangkok Motor Show and immediately received more than 4,500 orders. The car is priced at about 1.2 million baht (US$38,000), cheaper than a comparable Nissan Leaf or Kia Soul EV.
Yet the car will head out on the highway just as EV showrooms start getting crowded with foreign models.
Carmakers are chasing growth in Southeast Asia as combined sales in China, the US and Europe decline amid the trade war and Brexit. The Bloomberg World Auto Manufacturers Index is down more than 15 per cent in the past 12 months.