Car production and sales in Thailand are staggering, EVs are competing for the market.

Bangkok, EVs have increased market share in Thailand, while budget 2024 is delayed, banks are tightening credit, resulting in car production and sales in Thailand shrinking in February, production falling to the lowest level. in the past 2 years Mr. Suraphong Paisitpattanaphong Vice President of the Federation of Thai Industries (F.T.I.) and spokesman for the automotive industry group revealed that car production in February 2024 was at 133,690 units, a decrease of 19.28% from February 2023 and decreasing. 5.92% from January 2024, the lowest record in 2 years from a decrease in pickup truck production for both export and domestic sales due to some companies lacking parts. Passenger car production has decreased because imported electric cars are stealing market share. and pickup truck production decreased along with sales due to strictness in lending by financial institutions. According to the responsible lending policy and high household debt of the Bank of Thailand (BoT), the total number of cars produced in the first two months of this year was 275,792 cars, a decrease of 15.90% from the same period last year. For domestic sales in February 2024 at 52,843 vehicles, a decrease of 26.15% from February 2024 and a decrease of 3.60% from January 2024 and sales of PPV vehicles (multi-purpose vehicles with basic and modified from pickup trucks) decreased by 47.6% from purchasing more HEV patrol cars (Hybrid cars) because they were cheaper. In addition, the country's economy is still growing at a low level. Because the disbursement of the 2024 budget is delayed until April 2024, causing government spending and investment to decrease. As a result, domestic car sales during the first 2 months of this year were at 107,657 units, a decrease of 21.49% from the same period last year. 'If Budget 67 passes the House of Representatives, becomes effective, can be disbursed, and the government has measures to stimulate the economy, it will help increase sales in the country. During this time, gas is expensive, causing pickup truck sales to be lower than passenger cars,' Mr. Suraphong said. As for the export of finished cars in February 2024, it was 88,720 units, an increase of 0.22% from the same period last year. from the export of PPV and HEV vehicles, although export sales tend to slow down But the export market is still expanding well, so we are confident that exports will meet the set targets. As a result, during the first 2 months of 2024 (Jan.-Feb.), there was a total of 175,436 finished cars exported, an increase of 0.07% from the same period last year. and has an export value of 121,228.69 units As for importing a large number of electric vehicles from China, it probably won't destroy the domestic car market. It is a change according to world trends. This will help stimulate investment in the country faster. And it is good that the government and private sectors have come together to plan to be ready to push Thailand into a center for producing electric vehicles for export to the region. As for the number of registrati ons for red-plate electric vehicles, it was found that: BEV type was at 6,335 vehicles, a decrease of 15.94% from February 2023 due to acceleration of registration to receive discounts from government support measures in January 2024 and During the first 2 months of this year, there were a cumulative number of new registrations of 22,278 vehicles, an increase of 81.97% from the same period last year. As a result, at the end of February 2024, there were a cumulative number of BEV electric vehicles of 154,020 units, an increase of 247.72% from the end of February. February 2023 The HEV category was at 11,991 vehicles, an increase of 51.38% from February 2023, and during the first 2 months of this year there were a cumulative number of new registrations of 26,134 vehicles, an increase of 67.44% from the same period last year. As a result, at the end of February 2024, there were a cumulative number of HEV electric vehicles of 369,532 vehicles, an increase of 34.28% from the end of February 2023. The PHEV ty pe was at 894 vehicles, a decrease of 28.42% from February 2023. And during the first 2 months of this year, there were a cumulative number of new registrations of 1,834 vehicles, a decrease of 17.01% from the same period last year, making at the end of February 2024, there were a cumulative number of PHEV electric vehicles of 55,782 units, an increase of 25.08% from End of February 2023. Source: Thai News Agency