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Rising oil prices and cheaper electricity from expanding renewable energy are making EVs more attractive to consumers in Southeast Asia. (Photo: iStock)
Rising oil prices could strengthen the appeal of electric vehicles (EVs) in Southeast Asia, particularly as expanding renewable energy capacity continues to push electricity costs lower, economists at the Asian Development Bank (ADB) said.
The region is already emerging as a key growth market for EVs. Energy think tank Ember said demand growth in Southeast Asia has surpassed that of both Europe and the United States in recent years.
