PUBLISHED : 26 Jul 2023 at 06:40
A drop in domestic car sales and an increase in imported electric vehicles (EVs) from China have caused the Federation of Thai Industries (FTI) to reduce its 2023 car production target to 1.9 million, down from 1.95 million.
Car sales have turned sluggish as financial institutions have imposed stricter criteria in the granting of car loans.
Meanwhile Chinese EVs have gained more market share, following the government’s policy to promote the EV industry, said Surapong Paisitpatanapong, vice-chairman of the FTI and spokesman for the FTI’s Automotive Industry Club.
“We expect car manufacturing for the domestic market to decrease by 50,000 units, or 5.5%, to 850,000 units, compared with the previous…
