Tesla Forays Southeast Asia's Largest EV Market Dominated By Chinese Rivals

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Tesla, Inc TSLA initiated bookings for its cars in Thailand, Southeast Asia's largest market for passenger electric cars, ruled by its Chinese rivals.
Tesla will start delivering its Model 3 and Model Y cars in the first quarter next year, Yvonne Chan, Tesla's country director for Thailand, told Bloomberg from a launch event in Bangkok.
Tesla will also introduce its first service center in Thailand in the first quarter of 2023, and its first supercharger facility will kick off in February.
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Tesla looks to open at least ten more supercharging sites in Bangkok next year.
China's Great Wall Motor Company, Ltd GWLLY, BYD Co, Ltd BYDDF, and Hozon battled for a share of the fast-growing EV market.
Tesla's foray into Thailand marked its second in the region after Singapore.
BYD started selling its first electric SUVs in Thailand in November and chose the country for its first overseas EV car plant.
The Thai government wants 30% of its total car output to be electric by 2030 and allocated about 43 billion baht through 2025 to promote EV use.
In April, Tesla registered its Thai unit with a capital of 253 million baht. It has also advertised more than a dozen jobs for its operations.
Price Action: TSLA shares traded lower by 3.59% at $173.35 on the last check Wednesday.