FTI’s auto club further lowers vehicle production target by 50,000 units

Surapong Paisitpattanapong, the club’s spokesman, said the current projection for the manufacturing of vehicles in Thailand is at 1.85 million units, or 1.79% less than the previous year.

The club lowered its projection because it believes the demand for locally made vehicles will drop by 50,000.

This is the second time that the club has lowered its target for vehicles made for the local market.

In the latest projection, the club estimates that 1.05 million units will be made this year for exports and 800,000 for local consumption, marking a drop of 5.88% from the previous target.

The club based its latest prediction on the latest manufacturing and sales figures in September. It attributed the slowdown in sales of locally made vehicles to the import of electric vehicles that are being sold under the government’s promotion packages and to stricter criteria by finance companies to approve loans for vehicle buyers.

The club noted that the sales ratio of battery electric vehicles (BEVs) rose to 11.08% of overall vehicle sales in September.

According to the club, 164,093 vehicles were made in Thailand in September, 8.45% less than the previous year. The production of vehicles for local sales dropped by 17.87% from the previous year.

The club noted that 62,086 vehicles were sold in the country in September, or 16.27% less than the previous year. It also noted that the sale of pickup trucks dropped by 45% year on year.

Based on energy types, the sales figures can be broken down as:

• ICE (internal combustion engine): 46,985 units, 30.31% down from last year

• BEV: 6,881 units, 437.16% up from last year

• PHEV (plug-in hybrid): 74 units, down by 81.07%

• HEV (hybrid electric): 8,146 units, up 61.18%

A total of 97,476 vehicles were exported in September, marking a drop of 2.9% from the previous year, the club added.