Q1 sees record electric-powered vehicles and scooter license registrations

The Directorate General of Budget, Accounting and Statistics' latest statistics report, electric vehicle sales are seeing a significant uptick. In Q1, 20,000 new license plates for electric-powered scooters and vehicles were added to the market, with 17,000 for scooters and 3,000 for vehicles, respectively. From a YoY perspective, the growth marks a 67.2% increase, primarily fueled by electric scooter demand.

Regarding the fuel used in motor vehicles, gasoline users accounted for 82.4% of the total, but it was down four percentage points from the same period of the previous year. Electricity and diesel accounted for 7.6% and 2.9%, respectively, representing an increase of 3.4 percentage points and a decrease of 0.6 percentage points.

According to the statistics of the Ministry of Transportation and Communications, the number of newly registered motor vehicles in the first quarter of this year totaled 266,000, a decrease of 7.8% over the same period of the previous year, including 104,000 automobiles and 161,000 scooters.

The majority of scooters are still fuel-powered, accounting for about 90%. However, due to the shortage of key components such as chips, the number of new listings decreased by 7.5% compared to the same period of the previous year.

On the other hand, electric scooter demand remained high as the government's subsidy policies have effectively stimulated buying interest. In addition, the base period last year was significantly lower, with an annual increase of 62.7%.