ASEAN’s EV demand amplified by energy shocks

07 Aug ASEAN’s EV demand amplified by energy shocks

(Oilandgaspress) 07/08/26, – Since the U.S. and Israel went to war in Iran, Electric vehicles sales have surged due to rising fuel prices in Vietnam, India, South Korea, Australia and other markets.

The shift is increasingly visible in Southeast Asia, where strong EV demand in the second quarter lifted car sales. Indonesia sales gained 34%, and Vietnam drew level with Thailand, largely thanks to VinFast’s rapid expansion. Chinese brands led by BYD continue to gain market share across the region.

Governments are racing to build EV supply chains. The Philippines has unveiled a $1 billion subsidy package that offers up to 40% co-funding for manufacturing projects.

Malaysia is emerging as one of the region’s fastest-growing EV markets. In the first half of 2026, EV sales overtook those of hybrids for the first time, supported by strong demand for Proton’s e.MAS models, while BYD is pushing into the country’s luxury segment to challenge Tesla, BMW and Mercedes-Benz.

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