Thai Feb car output drops 19.3% y/y on EV imports, lower pickup truck sales
Reuters
Published Mar 25, 2024 11:48PM ET
Updated Mar 26, 2024 05:51AM ET
BANGKOK (Reuters) - Car production in Thailand fell 19.28% in February from a year earlier to 133,690 units, the Federation of Thai Industries said on Tuesday, largely due to a decline in production of pickup trucks and more imported electric vehicles (EVs).
The figure compared with January's 12.46% year-on-year drop.
Car exports were up 0.22% year-on-year.
Thailand is Southeast Asia's biggest autos production centre and an export base for some of the world's top carmakers, including Toyota (NYSE:TM) and Honda (NYSE:HMC), with pickup trucks among the key vehicles manufactured.
In recent years, Chinese EV brands like BYD (SZ:002594) and Great Wall Motor have been making inroads into the Thai auto sector, helped by government tax incentives and subsidies.
This week, higher-end EV brands from China will make their debut at Thailand's annual motor show. Altogether, Chinese automakers have poured $1.44 billion into production facilities.
Sales are down due to pick-up trucks from tightening rules from financial institutions, FTI automotive spokesperson Surapong Paisitpatanapong said, adding that sales of traditional passenger vehicles fell 41%.
The FTI has predicted car production at 1.9 million vehicles this year after 1.84 million made in 2023, a 2.2% drop year-on-year. Car sales in Thailand in February totalled 52,843 units, said Surapong.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.