Chinese Brands Start Mastering Thailand, Honda And Nissan Cut Prices For Several Models

Honda Prologue. (Doc. Honda Global)

JAKARTA - Japanese automakers are trying hard not to be knocked out of the market by BYD and electric vehicles from China, even Honda and Nissan are now taking strategic steps by cutting prices to increase demand.

Quoted from the Electrek page, Tuesday, November 21, it is no secret that Japanese automakers are among the slowest in the industrial transition to electric vehicles, while China stepped on gas at various affordable models and prices.

To stay competitive in the market, according to reports from Asia News Network, Nissan and Honda cut prices in Thailand and cut interest rates to 0 percent to attract buyers. The move is rare, especially for Honda.

According to the CEO of Honda Automobile (Thailand), Hideo Kawaska, China's tight competition for EV sales makes promotions necessary. In particular, he points to BYD, whose progress cannot be underestimated.

"We are aware of the competition with Chinese brands. For example, electric vehicles are just taking over segments C and D where Honda Civic and Accord usually dominate," he said.

The Japanese brand offers massive promotions for several models in the Thai market, including City, Civic, HR-V, and Accord. Where buyers can choose a zero percent interest or discount between 100,000 150,000 baht, a noble range of IDR 43 to 65 million, besides that the next option offers a lower down payment of up to 5,000 baths.

Other Japanese automakers, including Nissan, Mitsubishi, Mazda, and Suzuki, are also planning to offer interest options or zero percent discount in Thailand. The offer will be announced at the Motor Expo and will last until the end of the year.

This news comes as the Thai auto industry quickly turns to electric vehicles. Although Toyota and Suzuki are still leading automakers in the region, BYD continues to surge.

After entering Thailand last July, BYD has contributed more than a third of sales of electric vehicles. The electric vehicle maker surpassed Nissan, Mazda, and Mitsubishi with about 4 percent of new vehicle sales, according to Thailand's Autolife.