Counterpoint's Research Analyst Abhilash Gupta said Thai government-led efforts to promote EV sales have yielded positive outcomes and the country's EV sector has witnessed a significant rise in foreign direct investment in the past year.

"Chinese auto groups are experiencing rapid growth and outpacing their competitors in Southeast Asia with their market share increasing from 38 percent a year ago to nearly 75 percent now," he said.

"Notably, several Chinese automakers, including Great Wall Motors, BYD and Changan Automobile, have shown interest in establishing or have already commenced the construction of production facilities in Thailand. This move is expected to further accelerate the production and sales of EVs in the region," Gupta said.

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