Banks are strict in approving car loans. Driving production and sales in the country

Bangkok, A spokesman for the F.T.I. automotive industry group revealed that banks are strict in approving car loans. Driving production and sales in the country Mr. Suraphong Paisitpattanaphong Vice President and Spokesperson of the Automotive Industry Group The Federation of Thai Industries (F.T.I.) revealed that the total number of cars produced in January was 142,102 cars, a decrease of 12.46 percent from January 2023, due to production for domestic sale decreasing 33.62 percent from production. Pickup trucks decreased by 50.89 percent following decreased sales. And the production of passenger cars for sale in the country decreased by 14.68 percent from imported electric cars with a total of 13,314 registered cars in January 2024, while the domestic production of electric cars was 652 cars. by January Produced 52,509 passenger cars, a decrease of 7.27 percent from January 2023, divided into 32,655 Internal Combustion Engine passenger cars, a 95 percent decrease from January 2023. There were 652 Battery Electric Vehicle passenger cars, an increase of 9,214.29 percent from January 2023. There were 401 Plug-in Hybrid Electric Vehicle passenger cars, a 70 percent decrease from January 2023. There were 18,801 Hybrid Electric Vehicle passenger cars, an increase of 63 percent from January 2023. As for 1-ton pickup trucks, in January 2024 a total of 86,788 units were produced, a decrease of 16.02 percent from January 2023. Production for export in January produced 95,110 vehicles, equal to 66.93 percent of total production. Increased from January 2023 by 3.91 percent. Passenger cars in January 2024 produced for export 27,589 units, increased from January 2023 by 0.63 percent. And 1-ton pickup trucks in January 2024 produced for export 67,521 units increased. An increase of 5.31 percent from January 2023. Production for domestic sales produced 46,992 vehicles, equal to 33.07 percent of total production. Decreased from January 2023 by 33.62 percent by passenger cars. There were 24,920 units produced for domestic sale, a decrease of 14.68 percent from January 2023. For 1-ton pickup trucks, there were 19,267 units produced for domestic sale, a 50.89 percent decrease from January 2023. Meanwhile, domestic car sales totaled 54,814 units, a decrease of 16.42 percent from January 2023, because only 14,864 pickup trucks were sold, a decrease of 43.47 percent due to strict approval of loans by financial institutions due to high household debt. PPV car sales decreased 43.86 percent because there was no new model released. In addition, there are new hybrid SUVs at affordable prices that are taking market share. and truck sales decreased 32.01 percent from the fiscal year 2024 budget, delayed for several months. This causes the government's investment, spending, and economic stimulus to be delayed as well. The country's economy has expanded at a low level since the fourth quarter of 2023, divided into passenger cars and passenger patrol cars, totaling 34,364 vehicles, equal to 62.69 percent of total sales. An increase of 11.59 percent from the same month last year. 14,373 passenger cars and internal combustion inspection (ICE) vehicles, equivalent to 22 percent of total sales Decreased from the same month last year at 32.81 percent. 9,763 electric passenger and patrol vehicles (BEVs), accounting for 81 percent of total sales This increased from the same month last year at 205.48 percent. 98 plug-in electric hybrid passenger and surveillance vehicles (PHEVs), accounting for 18 percent of total sales Decreased from the same month last year by 67.66 percent. Passenger cars and hybrid electric passenger vehicles (HEV) 10,130 vehicles, equal to 48 percent of total sales An increase of 71.52 percent from the same month last year. There were 14,864 pickup trucks, a 43.47 percent decrease from the same month last year. There were 3,074 PPV vehicles, a 43.86 percent decrease from the same month last year. Trucks 5 - 10 tons, there were 1,079 vehicles, a decrease of 32.01 percent from the same month last year, and other types of vehicles , there were 1,433 vehicles, an increase of 0.56 from the same month last year. For motorcycles, sales were 154,003 units, a decrease from December. 2023 16.34 percent and decreased from January 2023 3.30 percent. Exports of finished cars were 86,716 units, a decrease of 3.97 percent from December 2023 and a decrease of 0.08 percent from January 2023 because only 91.17 percent of the total production was exported for export. Because the ship has insufficient space, exports have decreased in the Asian market. Africa and North America Separated into 81,763 ICE internal combustion vehicles, an increase of 4.85 percent from 2023, exports of 4,953 HEV vehicles, an increase of 478.62 percent from 2023, export value of 60,567.43 million baht, a decrease of 14.99 percent from January 2023. However, exports Auto parts and spare parts are also increasing. The total value of car exports in January 2024, engines, car parts and spare parts, was worth 79,633.88 million baht, an increase of 14.25 percent from January 2023. As for red-label electric vehicles, BEV type, in January there were 15,943 new registrations, an increase from December last year. 238.71 percent, there were 14,143 new registered HEV electric vehicles, an increase of 83.99 percent from December last year, and 940 new registered PHEV electric vehicles, a decrease of 100 percent from December last year. 2.19 each, resulting in as of January 31, 2024, there were a total of 147,743 registered electric vehicles in the BEV category, an increase of 301.75 percent from last year. 'F.T.I. still maintains its target for automobile production in 2024 at 1.9 million vehicles, an increase of 3.17%, separated into production for export at 1.15 million vehicles and production for domestic distribution at 750,000 vehicles because it is expected from The 2024 budget will come out and I think trucks will sell well during this period,' said Mr. Suraphong - Source: Thai News Agency