Part 7/12:
While global EV manufacturers make strides, local startups are carving out their niche. HM Motor, a homegrown Thai company, began manufacturing electric bikes in 2020, primarily for delivery services and personal use. This young startup has already sold over 1,600 bikes last year, with projections to more than double that figure this year. The focus on affordable, emission-free motorbikes aligns with Thailand’s large motorbike population—roughly 22 million—and offers a viable alternative to traditional fuel-powered two-wheelers.