Electric vehicle turnaround: how Isuzu maintains leadership in Southeast Asia's pickup truck market
The electric vehicle market in Thailand is rapidly gaining momentum. According to statistics from research firm MarkLines, 5,014 electric cars were sold in July 2023. This represents approximately 8% of all new car sales.
The government's measures to subsidize the purchase of Thai-made eco-friendly vehicles are stimulating demand for electric cars. In addition, the country is actively attracting investments from the world's largest car companies, which are assembling electric cars at local enterprises.
The government's measures to subsidize the purchase of Thai-made eco-friendly vehicles are stimulating demand for electric cars. In addition, the country is actively attracting investments from the world's largest car companies, which are assembling electric cars at local enterprises.
The leading positions in this promising market are held by companies from China. For example, BYD already controls about 30% of sales, having launched a plant in the eastern province of Rayong. Other giants of the Celestial Empire automotive industry - Changan Automobile, SAIC Group and Great Wall Motor - have also announced plans to localize the production of electric cars in the Kingdom of Thailand.
To avoid losing market share, Isuzu Corporation has decided to produce an electrified version of its sales hit - the D-Max pickup truck. Production will be deployed at the plant in Thailand from 2025.
Initially, the novelty will be delivered to Norway, where strict environmental standards for car emissions are introduced. Next, sales of Isuzu electric pickups will begin in the domestic market of Thailand. By this point, the company expects to have a developed infrastructure for electric vehicles throughout the country.
Along with all-electric modifications, Isuzu is going to offer hybrid and plug-in hybrid versions of its pickup truck. This will allow it to cover all segments of the auto market in the transition phase.
According to analysts' forecasts, the global pickup truck market will grow steadily in the foreseeable future. Thus, Global Information estimates that its volume will grow from $202.2 billion in 2022 to $238.6 billion by 2028.
Key global automakers have already announced their electric pickup trucks. Ford and Tesla already have such models in their lineup, Toyota will start producing them soon. This forces Isuzu to intensify its efforts in this direction.
In addition to the SEA markets, the company plans to deliver electric pickups to Europe and the Middle East. The global expansion will scale production and reduce costs due to economies of scale.
The shift to electric pickup trucks will be a major milestone for Isuzu. It will help the company maintain its strong position in the Asia-Pacific region and expand its presence in promising global markets. A flexible product policy and incremental innovation will ensure that Isuzu can successfully compete with new entrants in the electric vehicle market.
Author of the article: Ekaterina Antonova
