The Neta V-II EV car is displayed at the 45th Bangkok International Motor Show in Bangkok, Thailand, March 25, 2024. REUTERS/Chalinee Thirasupa
BANGKOK — Car production in Thailand fell 19.28 percent 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 percent year-on-year drop.
Car exports were up 0.22 percent 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 and Honda, with pickup trucks among the key vehicles manufactured.
READ: China-led EV boom in Thailand threatens Japan’s grip on key market
In recent years, Chinese EV brands like BYD 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.
READ: China’s BYD rides on partnerships to expand EV sales in Southeast Asia
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 percent.
The FTI has predicted car production at 1.9 million vehicles this year after 1.84 million made in 2023, a 2.2-percent drop year-on-year. Car sales in Thailand in February totaled 52,843 units, said Surapong.