Your next car could be a Chinese EV

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In focus

For this edition, we cover:

• Charting Chinese EVs’ rapid growth in Southeast Asia
• ShopBack edges toward profitability following major business reset
• The collapse of Microsoft-backed Builder.ai

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Hello reader,

Nearly a year ago, China’s BYD – now the world’s best-selling electric car brand – entered the Vietnamese market. But since then, I’ve only spotted its cars on the streets of Ho Chi Minh City – the biggest city in the country – a handful of times.

In Vietnam, electric cars are still almost synonymous with VinFast, the homegrown champion that now tops the country’s car sales rankings.

But Vietnam seems to be the outlier for BYD and other Chinese EV makers in Southeast Asia.

In markets like Singapore, Thailand, and Indonesia, Chinese EVs are charging ahead and rapidly gaining market share, as today’s top story reveals.

With Chinese EV makers ramping up local production and undercutting Western rivals like Tesla on price while having more features, it’s no surprise that they’re riding high in the region’s electrification. Southeast Asia is fast becoming one of their biggest markets outside China.

In another top story, my colleague Miguel breaks down ShopBack’s latest financials. The Singapore-based cashback platform grew its revenue and narrowed its pre-tax losses in FY 2024, following major layoffs and the shutdown of its buy now, pay later business.

With profitability becoming the north star for tech firms, ShopBack says it made “significant progress” toward that goal.

Duc Tran, data journalist

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Top Stories

1️⃣ Tracking Chinese EVs’ stunning surge in Southeast Asia

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