Auto sales surge in final up-curve of the year
Thailand’s automotive industry is celebrating a seasonal present with surging sales of EVs and a thriving export market.
The surge in electric vehicle (EV) sales in late 2023 included a remarkable 875.98% jump in November. Meanwhile, the export market also saw growth driven by the favourable economic conditions of trading partners.
In contrast, the domestic market contracted due to tightened credit policies by financial institutions.
Production
Overall, car production slightly decreased within the country while overall car sales contracted, according to The Automotive Industry Group of the Federation of Thai Industries (FTI).
While overall car sales have contracted, the electric vehicle (EV) sector has experienced robust growth, mirroring the expanding export market.
The Federation has released the production and sales figures within the country, as well as the export numbers for cars and motorcycles, from January to November 2023.
Total car production for the first 10 months totalled 1,708,042 cars, a decrease of 0.98%, while production in November 2023 totalled 163,337 cars, a decrease of 14.1%.
The main factor causing the production decline was a shortage of semiconductor parts coming out of the Covid-19 outbreak, said Suraphong Paisitpattanaphong, the vice president and spokesperson of the Automotive Industry Group.
Sales
Domestic car sales from January to November 2023 totalled 707,454 vehicles, a decrease of 7.71%, while sales in November 2023 totalled 61,621 vehicles, a decrease of 9.76% due to pickup-truck sales decreasing by 38.8% because of restrictions related to loan approvals due to high household debt.
Overall, internal combustion engine car sales are declining.
But electric cars enjoyed a high growth rate In November 2023, during which Thailand sold 8,696 electric vehicles (BEVs), an increase of 875.98%; sales of electric cars from January to November, totalled 64,815 units, an increase of 722.32%.
Exports
Export of finished cars from January to November 2023, totalled 1,027,234 cars, an increase of 15.59%. In November, 99,609 cars were exported, an increase of 13.22%.
The factor key factor for the increase in exports was the continuing strong economies of trading partners, leading to increased exports in Australia, the Middle East, Europe, North America, Central America and South America.
