Soaring oil prices drive EV demand surge in Korat

2026-03-21 - 07:40

NAKHON RATCHASIMA — 20 March 2026, A major electric vehicle (EV) dealer in Korat says tensions in the Middle East and surging global oil prices are driving a sharp rise in EV demand, with bookings increasing significantly. Mr. Sudtirak Phansai-chuea, an executive at Ek Saha Group, said the current spike in global fuel prices and emerging shortages have directly influenced consumer behaviour, forcing many to adapt more quickly than before. He noted a clear surge in interest, reflected in a sharp increase in showroom visits and enquiries about EVs. Compared with late last year, the number of prospective buyers has risen markedly. While previous government incentives such as the EV 3.0 scheme helped stimulate the market, he said current demand is increasingly driven by practical necessity, as consumers begin to view petrol-powered vehicles as a financial burden rather than a convenience. Looking ahead, he expressed confidence that the EV sector will continue to expand in line with rapid technological advancements — from hybrid systems to plug-in hybrid and extended-range EVs — gradually reducing reliance on fossil fuels and paving the way for fully electric vehicles. Conventional internal combustion engine vehicles, he added, are likely to play a diminishing role over time. He also highlighted the economic advantages of EVs, noting that the cost per kilometre is around 20% of that of petrol vehicles — allowing users to save up to 80% on fuel expenses. As an example, he said a motorist currently spending 6,000 baht per month on fuel could reduce that cost by around 4,800 baht by switching to an EV. The savings could then be redirected towards monthly instalments, making the transition financially viable for many consumers in the current economic climate.