Thai automobile production, sales and exports have plummeted in all areas. The situation is similar to the ‘Tom Yum Kung’ crisis. It is hoped that economic stimulus measures, such as handing out 10,000 baht and other items, will result in better sales in Q4/67.
Mr. Surapong Paisitpatanapong, advisor to the chairman of the group and spokesman for the Automotive Industry Club, Federation of Thai Industries (FTI), revealed that the production, sales and export figures of automobiles in August decreased in all areas. Seeing the figures is disheartening. The decrease is lower than during the COVID-19 crisis and the situation is similar to the Tom Yum Kung crisis.
For car exports in August 2024, it was 86,066 units, down 1.70% from August 2023 but up 3.04% from July 2024. Pickup truck exports decreased by 14.07% due to insufficient shipping space and delays from the Israel-Hamas war, and dirt in the port stuck in pickup trucks preparing to drive onto ships. Meanwhile, the export value was 82,901.51 million baht,
up 0.71% from August 2023. As for finished car exports in the first 8 months of 2024 (January-August 2024), it was 688,583 units, down 4.95% from the same period last year, while the export value was 650,082.14 million baht, up 5.21% from the same period last year.
While the car production in August 67 was 119,680 units, down 20.56% from August 66, production for domestic sales and production for export decreased by 40.49% and 6.62% respectively due to the decrease in pickup truck production and decreased by 4.12% from July 67. In the first 8 months of this year, the total car production was 1,005,749 units, down 17.69%.
Domestic sales in August were 45,190 units, down 24.98% from August 2019, as financial institutions tightened lending due to high household debt, with non-performing loans (NPLs) for automobiles in Q2/2019 reaching 254,484 million baht, up 29.7%, while the economy grew at a low rate of 2.3% in Q2 of this year, with 399,611 units in the first 8 months of this year, down 23.85%.
‘In the past
, customers have always walked into showrooms but were not approved for loans. It is expected that the last quarter of this year will improve due to the new government’s policies to stimulate the economy, such as handing out 10,000 baht in cash, resolving debts both in the system and outside the system, and accelerating budget spending. Meanwhile, the stock market index has increased. The US Federal Reserve has reduced the policy interest rate by 0.50 and may reduce it again this year,’ said Mr. Surapong.
Mr. Surapong expects that the number of new electric vehicle registrations this year will be similar to last year’s 76,000 units, lower than the target of 100,000 units. As for the electric vehicles that have started production in the country, they are not yet fully ready.
BEV type in August 2024, there were 8,804 new registrations, a decrease of 3% from August 2023. In the first 8 months of this year, there were 69,047 new registrations, an increase of 17.34% from the same period last year. Currently, the
re are a total of 200,109 registrations.
HEV type in August 2024, there were 11,000 new registrations, an increase of 54.80% from August 2023. In the first 8 months of this year, there were 94,794 new registrations, an increase of 60.14% from the same period last year. Currently, there are 437,504 total registrations.
PHEV type in August 2024, there were 854 new registrations, a decrease of 32.70% from August 2023. In the first 8 months of this year, there were 6,576 new registrations, a decrease of 22.80% from the same period last year. Currently, there are 60,428 total registrations.
Source: Thai News Agency