The investment bank said that favourable regulations, local brands and penetration of Chinese carmakers will drive sales higher.
"We prefer ASEAN companies that partner Chinese car makers for manufacturing and sales, and battery value chain companies," it said in a note today.
Maybank Investment said EV sales in ASEAN rose from a low base in the first half of 2024 (1H 2024) in most markets.
"Malaysia reported that EV car registrations rose 142 per cent year-on-year (y-o-y) to 10,663 fully electric cars in 1H 2024.
"Indonesia reported a 104 per cent surge in sales to 11,943, Singapore a 218 per cent y-o-y jump to 6,019 EVs, surpassing its 2023 numbers.
"Thailand reported a strong start in Jan 2024," it added.
On a global basis, it said EV sales rose 24 per cent to 6.7 million in 1H 2024, or 21 per cent of total car sales.
"Sales of full EVs slowed to +13.9 per cent y-o-y whereas plug-in hybrids accelerated by +59 per cent y-o-y.
"Hybrid sales witnessed faster growth due to saturation and the end of EV subsidies in Europe, weaknesses in the US, lack of charging infrastructure and range anxiety. Recent tariff increases on China-made cars in the US and Europe will have a further impact," it said.
-- BERNAMA
