Motor vehicle sales volume SEA 2024, by country

In 2024, from January to September, Indonesia had the highest number of motor vehicle sales among Southeast Asian countries, with over 784 thousand vehicles sold. During the same period, more than 731 thousand motor vehicles were sold in Malaysia.

The landscape of the ASEAN automotive industry

While Indonesia leads in domestic sales of motor vehicles, Thailand emerged as the production powerhouse in Southeast Asia, manufacturing over 1.83 million motor vehicles in 2023. Its production capacity reinforces Thailand’s position as the leading exporter of passenger cars in Southeast Asia and the fourth-largest exporter in the Asia-Pacific region, only behind Japan, China, and South Korea. Notably, in 2023, the Philippines saw the highest year-on-year growth in motor vehicle sales in Southeast Asia, followed by Malaysia, while both Indonesia and Thailand experienced a decline.

Southeast Asia’s local brand - VinFast

Unlike most Southeast Asian manufacturers, which produce vehicles in partnership with global automotive brands, Vietnam’s first automobile maker VinFast emerged as a unique player in the region’s automotive market. Founded in 2017 by Vingroup conglomerate, VinFast originally debuted with gasoline-powered vehicles, yet quickly pivoted toward electric vehicles. VinFast’s revenue reached over 28.7 trillion Vietnamese dong (about 1.2 billion U.S. dollars) in 2023, nearly double the revenue in 2022. While most of its revenue comes from the domestic market, VinFast has established its presence in Canada and the U.S. and plans further expansion into European markets. The company has contributed significantly to transforming Vietnam’s automotive industry, as well as to the country’s transition to greener mobility.