Electric vehicle (EV) sales are expected to increase by 15 to 20 percent in Thailand by the end of the year, as the Thai automotive market is anticipated to continue to expand.
According to Kwanchai Paphatphong, president of Inter-Media Consultant Co, domestic car sales increased by 16 to 17 percent during the first four months of 2022.
As the government continues to loosen restrictions on Covid-19 and adopts economic stimulus packages, Kwanchai stated that the sector’s outlook should be favorable.
Despite a semiconductor shortage, China’s zero-Covid policy that is disrupting global supply chains, and the impact of the Russia-Ukraine war on raw material supplies, the CEO of Inter-Media Consultant Co expects Thailand’s car production in 2022 to meet its goal of 1.8 million units.
Kwanchai attributed the growth to the government’s efforts to promote the EV industry in Thailand.
In February, the cabinet approved a package of incentives including tax cuts and subsidies to promote EV consumption and production between 2022 and 2023. Depending on the type and model of vehicle, the subsidies range from 70,000 to 150,000 baht. Excise taxes and import duties have also been reduced for completely knocked-down and completely assembled EV units.
Inter-Media Consultant plans to exhibit additional electric vehicle (EV) models, including those from Chinese manufacturers, at the Thailand International Motor Expo from November 30 to December 12.
The agency anticipates that car reservations for the event will reach 35,000 to 36,000 units, up from 31,000 units in 2021.(NNT)
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