China Issues Guidelines to Ban EV Price Wars Abroad

Global Securities, or GBS, says King Gen Public Company Limited, or KGEN, is entering a turnaround phase, raising its stake in Omoda & Jaecoo Manufacturing (Thailand) Company Limited, which operates the electric vehicle plants for the OMODA JAECOO and CHERY brands, from the current 43.7% to 51% in early July, and then to 60% in late July to early August. This will shift revenue recognition from the share of profit of an associate to full consolidation of both revenue and profit. Management expects that after the stake increase, revenue will grow significantly year on year to 25 billion baht, with a net profit margin of 2.5-3.0%, or roughly 600-700 million baht. Previously, KGEN reported second-quarter 2026 profit of 37 million baht, up 171% quarter on quarter and 152% year on year, after losses in the first quarter of 2026 and the second quarter of 2025. The main driver was the share of profit from its investment in that associate, whose production line began operating on 20 April 2026, while revenue from sales and services grew to 227 million baht, up 8% quarter on quarter and 36% year on year. Bookings for JAECOO and OMODA electric vehicles at the Big Motor Sale 2026, held from 21-30 August 2026, totaled 5,028 units, with deliveries scheduled for September to October 2026, an additional factor supporting revenue and profit growth. The current share price still cannot be assigned a P/E ratio because the company has posted continuous losses from 2022 through the first six months of 2026, though earnings are expected to turn around from 2026 onward. The stock trades at a P/BV ratio of 2.58 times, above its one-year, two-year and three-year averages of 2.56, 2.30 and 2.10 times respectively.

BMI Country Risk and Industry Research, part of Fitch Group, forecast that Singapore's electric vehicle sales in 2026 will rise 34.3% to 34,940 units, accounting for 54.6% of total car sales in the country, driven by government tax incentives, a wave of affordable EV models made in mainland China, and the expansion of EV charging infrastructure. Xinhua reported that as of June 2026, new car registrations that were EVs reached 70%, and BMI expects this trend to continue through 2035, by which time EVs are expected to make up 44% of all cars on Singapore's roads. BMI said subsidies and incentive measures, including grants for shared EV chargers that support the installation of chargers at private residential condominiums, will continue to support demand, and it forecast that EV sales will account for as much as 85% of total car sales by 2035. In the first quarter of 2026, new car registrations that were EVs accounted for 57.6%, or 7,679 units, marking the first time EV sales overtook sales of internal combustion engine and hybrid vehicles.

iCAR Thailand has officially begun deliveries of its flagship iCAUR V27 REEV, which comes with REEV technology, starting 1 October 2026. The first batch of 1,500 vehicles has already arrived in Thailand, with another 500 units scheduled for import within October 2026, for a total of 2,000 vehicles. Cumulative registrations have exceeded 1,500 units, and the company has already delivered cars to its first group of customers, 100 families, just three days after the official launch. Jim Lee, Executive Director of the Chery and iCAR Thailand brands, said the deliveries mark a major step for the brand and reflect customer confidence in REEV technology. iCAR aims to expand its dealer and service centre network to 25 locations covering Bangkok, the surrounding provinces and key cities in all regions by the end of 2026, and targets parts availability of more than 95% by October 2026. The iCAUR V27 REEV is offered in three sub-models: the 2WD PRIDE at a net price of 1,029,900 baht and a special price after discounts of 999,900 baht; the 2WD PRIME at a net price of 1,189,900 baht and a special price after discounts of 1,159,900 baht; and the 4WD PRESTIGE at a net price of 1,289,900 baht and a special price after discounts of 1,259,900 baht. Launch-period special offers for customers who book and take delivery by 31 October 2026 include a special discount worth 30,000 baht and a package worth 100,000 baht.