The rising popularity of electric vehicles (EVs) is facing a new challenge as concerns over non-performing loans (NPLs) seep into the EV market. The rapid surge in EV sales has led to worries about whether buyers, many of whom are considered new-generation people with weaker financial standing, will be able to meet their instalments.
This could lead to an increase in seized vehicles if payments are not managed effectively, especially in the current economic climate, according to Pinyo Tanawatcharaporn, the former president of the Association of Used Cars.
“The association expects to see EV seizures increase in the second half of this year.”
Pinyo further explained that if these seized EVs were to be sold in the second-hand car market, it’s unlikely that financial institutions would provide loan schemes for potential buyers of used EVs. The…
