Thailand

On April 25, 2024, Federation of Thai Industries (FTI) announced that vehicle production in March 2024 reached 138,331 units, down 23.1% YoY but improved 3.5% MoM. Vehicle production for domestic sales and exports in March 2024 contributed 33.63% and 66.37%, respectively. In March 2024, production of 1-ton pickups and passenger cars posted a double-digit decline when compared with March 2023. 

In Q1/2024, vehicle production reached 414,123 units, down 18.4% YoY. 

Vehicle exports in March 2024 totaled 95,089 units, down 3.3% YoY but grew 7.2% MoM. The FTI also revealed that exports of HEVs reached 4,888 units in March. Despite a YoY decline, the FTI pointed out that monthly vehicle exports figure of over 90,000 units is considered great. Exports to countries that are Thailand’s trading partners, such as Australia, the Philippines, the U.S., Mexico, the UK, etc. increased. However, international conflicts must be monitored, as they may hit vehicle exports.

In the first 3 months of 2024, vehicle exports from Thailand tallied 270,525 units, down 1.2% YoY.

Domestic car sales in March 2024 reached 56,099 units, down 29.8% but grew 6.2% MoM. In March 2024, sales of passenger cars, pure pickups, PPVs, and 5-10-ton trucks all recorded a double-digit YoY drop. 

In the first quarter of 2024, vehicle sales reached 163,756 units, down 24.6% YoY.

According to the FTI, the auto loan rejections were high. The negative factors included (i) financial institutions’ stricter auto loan criteria, (ii) high household debt, (iii) a weak economy, and (iv) a delay in the 2024 fiscal budget that hampered many activities of the public and private segments. The FTI expected to see the local auto market recover in the second half of 2024.

On April 25, 2024, Federation of Thai Industries (FTI) announced that motorcycle production in March 2024 went down by 4.0% YoY to reach 219,434 units (179,806 CBUs and 39,628 CKDs). 

As the previous monthly figures were adjusted, motorcycle production in the first 3 months of 2024 now stood at 660,741 units (533,398 CBUs and 127,343 CKDs), down 7.8% YoY. The Q1/2023 motorcycle production figure has also been adjusted from 686,087 units to 716,468 units, according to the FTI.

Motorcycle exports in March 2024 totaled 86,239 units, up 13.4% from March 2023. January-March 2024 recorded motorbike exports of 253,728 units, up 5.2% YoY.

Domestic sales were recorded at 149,938 motorcycles, down 18.7% from March 2023. In the first 3 months of 2024, motorcycle sales reached 447,604 units, down 11.6% YoY.

Reported on April 23, 2024, China-based FIREBRIGHT was among the company setting up its booth at the recently held 45th Bangkok International Motor Show. The company presented solutions that are based on multi-brand, multi-model development of swappable electric vehicles, shared and standardized universal multi-engine battery packs, and fully automated swapping stations (energy service station). 

FIREBRIGHT is the first swappable EV company to enter the Southeast Asian market. At the event, it showcased 4 vehicle models including electric passenger cars, electric light trucks, and an electric pickup truck. The electric pickup truck and electric light-duty truck were introduced for the first time in the industry in a swappable format, with the pickup truck being the first to determine battery capacity based on range. 

According to the executives from FIREBRIGHT Thailand, the company planned to invest in local car and battery pack factories, as well as energy services via operating battery swap stations, in collaboration with local partners.

According to data from Thailand Department of Business Development (DBD), on March 15, 2024, FIREBRIGHT (THAILAND) Co., Ltd. has been registered with capital of THB 5,000,000.00, mentioning its business type as developer, manufacture, and distributor of electric vehicles.

(From an article of Bangkok Post on April 23, 2024 and Thailand DBD homepage)