FTI forecasts production to reach 2m

The Federation of Thai Industries (FTI) expects car manufacturing in Thailand to reach 2 million cars this year, close to the level recorded prior to the Covid-19 pandemic, despite concerns over the impact of costly electricity bills and banking problems overseas.

The Automotive Industry Club under the FTI earlier set the 2023 production target at 1.95 million cars.

“We see a good signal in Thailand’s car production as car exports still keep growing and domestic sales are recovering, driven by the tourism industry,” said Surapong Paisitpatanapong, vice-chairman of the FTI and spokesman for the club.

From January to March, total car manufacturing increased by 5.77% year-on-year to 507,787 units. In March, production increased by 4.16% year-on-year to 179,848 units.

“The increase in car production for domestic sales and export also resulted from the delivery of…