Global Auto News | October Updates
Vietnam: High Demand for Imported Cars, Emphasis on Vehicle Origin
According to the Vietnam Automobile Manufacturers Association (VAMA), in the first nine months of 2024, domestic car sales dropped by 7.5% to 113,641 units, while imports rose by 28.5%, totaling 111,942 units. Consumers increasingly prefer imported vehicles, believing their quality surpasses locally assembled cars, with searches for car origins exceeding 372,000 in Q3.
UK Trade Secretary: No Plans to Follow EU in Imposing Tariffs on Chinese EVs
Jonathan Reynolds, UK Secretary of State for Business and Trade, stated that the UK does not plan to impose tariffs on Chinese electric vehicles (EVs), as no complaints have been filed by UK businesses. He emphasized the need for more engagement with China.
Great Wall Motors Expands Investment in Thailand
Great Wall Motors has invested over 12 billion THB in Thailand and plans to increase this to 23 billion THB in the next three years. The company aims to make Thailand a hub for right-hand-drive vehicle production and exports, with 10,000 vehicles already exported in 2024 and a target of 20,000 next year.
BYD Sales Exceed 10,000 Units in Malaysia
BYD’s distributor in Malaysia, Sime Darby Motors, reported that sales in the country have surpassed 10,000 units. The company expects to hit 20,000 units by the end of the year, with 26 sales centers nationwide, and plans to expand to 30 by year-end.
NIO Enters Middle East and North Africa Markets
In October, NIO signed a strategic agreement with CYVN to establish an advanced tech R&D center in Abu Dhabi. The two companies will jointly develop new models tailored to local markets and expand NIO’s presence in the Middle East and North Africa.
Chinese EVs Capture 66% of Global Market
According to Rho Motion, Chinese EVs accounted for 66% of global sales in September 2024, with 1.1 million units sold. Total global EV sales reached 11.5 million units from January to September, with China leading at 7.2 million units, a 35% year-on-year increase.
