F.T.I. Reports April 2024 Car Exports Drop
May, 31 2024
Declining Car Exports Amid Economic Challenges
Surapong Paisitpatanapong, Vice President of the Federation of Thai Industries (F.T.I.) and spokesperson for the automotive industry, reported that while the number of exported vehicles decreased, the export value rose by 5.79% YoY to 69.27 billion THB. The increase was attributed to higher-value hybrid PPV exports.
Total vehicle production in April 2024 was 104,667 units, an 11.02% drop YoY due to lower domestic sales of passenger cars (-5.03%) and pickup trucks (-45.94%). The decline was driven by high household debt, slow economic growth, and weak consumer purchasing power.
From January to April 2024, total vehicle production reached 518,790 units, marking a 17.05% decline YoY.
- Passenger car production: 193,239 units (-12.11% YoY)
- Light commercial vehicle production (<5 tons - >10 tons): 9,539 units (-5.79% YoY)
- Pickup truck production (1-ton): 316,002 units (-20.08% YoY)
Production and Export Trends
April 2024 production for export: 71,928 units, 68.72% of total production, up 5.92% YoY.
January-April 2024 production for export: 345,608 units (-2.93% YoY).
April 2024 domestic production: 32,739 units (-34.17% YoY).
January-April 2024 domestic production: 173,182 units (-35.71% YoY).
Domestic Car Sales Drop, EV Market Expands
April domestic car sales: 46,738 units, down 16.69% from March and 21.49% YoY, due to stricter auto loan approvals and delayed government spending. Thailand's auto market has now fallen behind Malaysia.
Electric Vehicle (EV) Market:
- April 2024 new BEV registrations: 6,041 units (-16.60% YoY).
- January-April 2024 new BEV registrations: 35,755 units (+36.30% YoY).
- Total BEV registrations (as of April 30, 2024): 167,334 units (+187.38% YoY).
F.T.I. Considering Lowering 2024 Production Target
F.T.I. is reviewing its 2024 production target of 1.9 million units, given weaker-than-expected economic performance and delays in government investment. The final decision will depend on the effectiveness of upcoming economic stimulus measures.