--- title: "Oil prices soared by 10% to reach 110 USD, domestic electric vehicles are experiencing a surge in overseas purchases, and Thailand's Prime Minister abandons Rolls-Royce to drive BYD" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/281598493.md" description: "The tense situation in the Middle East has caused international oil prices to soar above $110, with JP Morgan predicting that they may rise to $120-130 in the short term, and even exceed $150. The increase in oil prices has stimulated a surge in sales of Chinese electric vehicles in Southeast Asia and Australia, with the Prime Minister of Thailand also switching to BYD. The Australian car market is experiencing a buying frenzy, with record sales, and electric vehicle exports are expected to reach new highs. Southeast Asia has stable electricity prices, and the economic advantages of electric vehicles are evident, attracting numerous Chinese car manufacturers to participate in the Thailand Auto Show" datetime: "2026-04-03T03:07:26.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/281598493.md) - [en](https://longbridge.com/en/news/281598493.md) - [zh-HK](https://longbridge.com/zh-HK/news/281598493.md) --- > 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/281598493.md) | [English](https://longbridge.com/en/news/281598493.md) # Oil prices soared by 10% to reach 110 USD, domestic electric vehicles are experiencing a surge in overseas purchases, and Thailand's Prime Minister abandons Rolls-Royce to drive BYD The situation in the Middle East continues to escalate, with U.S. President Trump threatening to take "extremely severe" action against Iran, shattering market hopes for a short-term ceasefire. The combination of risk aversion and inflation expectations has spurred international oil prices to rebound above $110 per barrel. JP Morgan's report anticipates that oil prices may rise to $120 to $130 per barrel in the short term, and if oil supplies through the Strait of Hormuz remain disrupted until mid-May, prices could exceed $150 per barrel. The sharp rise in oil prices is affecting the global automotive market; domestic media reports that sales of Chinese electric vehicles in Southeast Asia and Australia are experiencing explosive growth, with even the Prime Minister of Thailand leading the way in switching to BYD. ## Panic Buying of Cars in Australia, Sales "One Day Equals Two Weeks" According to Tencent Auto's "High Beam" report, in the face of volatile oil prices, many overseas car owners are beginning to worry about energy shortages. A Chinese resident in Australia stated that although they already own a fuel vehicle, they decided to purchase an additional BYD due to concerns that "soon they won't even be able to refuel at gas stations." She revealed that within just one hour at the BYD dealership, she witnessed five or six new cars being sold, with the current delivery period requiring at least a month of waiting. A BYD salesperson in Melbourne indicated that the "BYD Waverley" dealership sold nearly 740 vehicles in March this year, and according to the manager, this figure has set a record for monthly sales in the Australian automotive industry. In fact, BYD's overseas sales reached 119,591 units in March this year, a year-on-year increase of 65.2%. The group's chairman, Wang Chuanfu, stated at a communication meeting on March 31 that the export situation this year is good, especially influenced by rising oil prices due to the Middle East situation, "In Australia, New Zealand, the Philippines, etc., the daily sales now are equivalent to what used to take two weeks." He expects this wave of rising oil prices to drive the group's exports to new highs. ## Domestic Brands Shine at Thai Auto Show, Avoiding "Double Rise" of Oil and Electricity In contrast to the European market, Southeast Asia's response to geopolitical conflicts is markedly different. There is rarely a "double rise" in oil and electricity prices locally, as electricity prices are relatively stable; for example, nearly 60% of Thailand's electricity relies on natural gas, with a basic electricity price of only 4.15 Thai Baht (about 1 HKD) starting in 2025, while oil prices are extremely sensitive to the international market, making the economic advantages of electric vehicles more apparent. At the recently opened Bangkok Auto Show in Thailand, over a dozen Chinese car companies nearly occupied half of the market. As of March 29, MG and Chery's brands OMODA & JAECOO recorded 4,217 and 3,984 orders respectively, second only to the leading Toyota (5,672 orders); brands such as Changan, Geely, Great Wall, and GAC also surpassed 2,000 orders each. A general manager of a domestic electric vehicle brand in Thailand revealed that due to the dual stimulus of the auto show promotions and high oil prices, retail sales in March doubled month-on-month. A large dealer in Malaysia pointed out that after the rise in oil prices, the number of customers coming to test drive electric vehicles has increased exponentially, with order volumes at least doubling. ## Thai Prime Minister Switches from Luxury Cars to BYD On the other hand, multiple governments are actively using policies to promote transformation. Cambodia recently announced a reduction of electric vehicle import tariffs to zero; Thailand, Indonesia, and Vietnam are also rolling out subsidies and tax incentives It is worth noting that after the Thai government announced a 2 baht increase in gasoline prices per liter on March 24, Thai Prime Minister Anutin changed his usual routine the next day, abandoning the Rolls-Royce he typically rides in and opting for a BYD "Sea Lion" to travel to the parliament for a meeting. During a media interview, he publicly urged the public to try electric vehicles more often to reduce fuel expenses and achieve zero emissions. ## Overcapacity and Infrastructure Limitations Become Concerns Despite the improving atmosphere in the Southeast Asian market, it still faces a "ceiling" in scale. An industry insider responsible for Southeast Asia marketing indicated that Thailand's total annual car sales are about 600,000 units, with Chinese brands accounting for approximately 22% (about 130,000 units); however, the design capacity of Chinese car companies in the region has reached 600,000 to 700,000 units, with the actual capacity utilization rate being only about one-third. "Even if the Thai market grows further, this volume is still not enough for Chinese car companies." In addition, infrastructure such as charging networks also poses development constraints. In the current economic environment, Southeast Asian countries face funding pressures for large-scale construction of charging stations. Analysts in overseas markets believe that hybrid and plug-in hybrid electric vehicles (PHEVs) may have more realistic development opportunities at this stage. However, in the long term, high oil prices will accelerate the global automotive market's transition to electrification, providing expansion opportunities for domestic electric vehicle companies. 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