Vehicle exports, domestic sales accelerating
The Federation of Thai Industries (FTI) is highly satisfied with the growth in October’s car exports after the auto industry received more semiconductors following a global shortage.
October saw exports of 94,228 vehicles, a growth of 15.51% year-on-year (YoY).
“Vehicle exports grew greatly because manufacturers received more semiconductors,” FTI vice chairman Surapong Paisitpatanapong said. “The export value increased because PPVs have a higher value than passenger cars or pickup trucks.”
Precisely 800,672 vehicles were exported in the first ten months of 2022, a 5.48% increase YoY, with the export value being 497.28 billion baht, rising 12.40% YoY.
Meanwhile, the number of vehicles manufactured in October was 170,717, a 10.83% increase YoY.
The first ten months of 2022 saw 1,534,754 vehicles manufactured, rising by 12.36% YoY.
“The number of vehicles manufactured this year might reach the original goal of 1.8 million if manufactures continue to receive semiconductors, so the situation must be closely monitored,” Surapong said.
As for domestic sales, 64,618 vehicles were sold in October – a modest 0.24% increase YoY as the economy recovers thanks mainly to tourism and the policy making it easier for foreign investors to enter.
Furthermore, several government stimulus packages have helped to increase domestic vehicle sales to 696,305, a 17.09% increase YoY.
In October, 1,960 battery electric vehicles (BEV) were registered – rising as much as 288.89% YoY; 5,036 hybrid electric vehicles (HEV) were sold – a 121.65% increase; and 899 plug-in hybrid electric vehicles (PHEV) were registered – rising by 84.98%.
As of October 30, or the first 10 months of the year, a total 11,025 BEVs were sold – rising by a huge 198.54% YoY; 241,764 HEVs were registered – an increase of 32.06%; and 40,790 PHEVs were sold – a 35.38% rise.
“Electric vehicle sales are growing strongly this year – around 1,000 per month – with HEVs being the biggest sellers during this period of technological transition. When EV infrastructure is fully ready, [I] expect the proportion of BEV sales to be around 70% of total EVs,” Surapong added.
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