The Federation of Thai Industry (FTI) has reduced its car production target for 2023 to 1.9 million units from 1.95 million units set at the beginning of the year, due to a drop in domestic vehicle sales and an increase in electric vehicle (EV) imports from China.
Bangkok (VNA)꧙ - The Federation of ThaiIndustry (FTI) has reduced its car production target for 2023 to 1.9 millionunits from 1.95 million units set at the beginning of the year, due to a dropin domestic vehicle sales and an increase in electric vehicle (EV) imports fromChina.
Surapong Paisitpatanapong, vice-chairman of the FTI andspokesman for the FTI's Automotive Industry Club said they expect carmanufacturing for the domestic market to decrease by 50,000 units, or 5.5%, to850,000 units, compared with the previous projection of 900,000 units. However, the clubmaintains its production target for export at 1.05 million units. Auto sales in Thailand have recently declined as financialinstitutions impose stricter criteria for granting auto loans. Rising interestrates and very high household debt, currently at 90% of Gross Domestic Product(GDP), are causing concerns among financial institutions regardingnon-performing loans, Surapong said. The Bank of Thailand has increased its policy rate six timessince August 2022, from 0.5% to 2%. According to local media, the centralbank's Monetary Policy Committee is expected to raise its policy rate from0.25% to 2.25% to curb inflation. Meanwhile, Surapong said that Chinese electric vehicles havegained more market share thanks to the preferential policies of the Thaigovernment to promote the electric vehicle industry. Thailand's total car production in June increased by 1.78%year-on-year to 145,557 units. The number increasedby 5.91% year-on-year to 921,512 units in the first six months of 2023, according to the club. Car sales in the domestic market decreased by 5.1%year-on-year to 64,440 units in June mainly because of a drop in pickup andtruck sales, following the stricter loan granting criteria./.
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Illustrative photo (Photo: aseanbriefing.com) 
