BANGKOK (The Nation/Asia News Network): Thailand’s automotive manufacturing output rose 10.5 per cent year on year to 1.18 million vehicles during the January-August period, the Federation of Thai Industries’ (FTI) Automotive Industry Club announced on Thursday (Sept 22).
Club vice president and spokesman Surapong Pisitpattanapong said August production alone reached 171,731 units, jumping 64.9 per cent year on year, thanks to rising demand for cars and pickup trucks in both domestic and overseas markets.
The eight months of 2022 saw domestic sales of 559,537 vehicles, increasing 19.6 per cent year on year, with sales in August alone being 68,208 units, up 61.7 per cent year on year.
“Automotive sales are rising due to new models and a gradually improving economy after Thailand fully reopened the country to foreign tourists and investors,” Surapong noted.
Meanwhile, 606,055 vehicles were exported in the eight months, valued at 368 billion baht – an increase of 0.4 per cent and 5.18 per cent year on year, respectively. Some 73,325 vehicles were exported in August, valued at 49.36 billion baht, rising 23.09 and 38.12 per cent year on year, respectively.
The automotive industry saw 600.62 billion baht worth of exports (vehicles, parts and components) in the eight months, increasing 2.96 per cent year on year. Total exports in August were 78.3 billion baht, a 23.9 per cent increase year on year.
Surapong said the automotive industry’s current performance is on track to meet the club’s target of 850,000 vehicles sold domestically and 900,000 exported units by the end of the year.
The club is keeping an eye on external factors that could affect sales and prices of vehicles overseas, including the Russia-Ukraine war, tension in the Taiwan Strait, the US central bank hiking the interest rate, and global inflation, he said, adding that his club would evaluate the situation every two months and adjust its estimations/targets accordingly.
Several internal factors could continue to accelerate domestic vehicle sales through the year, such as the government’s domestic tourism promotion campaigns and price guarantee schemes for agricultural products that would increase the need for transport, Surapong said.