The Federation of Thai Industries (FTI) has reported a surge in domestic car sales in the first eight months of 2022 due to increased demand following the country’s reopening late last year.
Surapong Paisitpatanapong, vice-chairman and spokesperson for the FTI’s automotive club, stated that car sales increased 19.6% year on year to 559,537 units between January and August 2022. Domestic sales increased 61.7% year on year to 68,208 units in August because there were no lockdown regulations in place as there were in 2021.
The FTI now anticipates that the number of cars sold domestically will reach 850,000 by the end of this year.
Concerning the high number of cars repossessed due to owners’ inability to repay their auto loans, Surapong stated that the FTI remains optimistic about the likelihood of a speedy economic recovery, which would increase the likelihood of debtors earning more money and paying off their debts.
Meanwhile, the country’s car production from January to August increased by 10.5% year-on-year to 1,184,800 units. To reflect the current situation, the FTI has recently revised its 2022 car production target to 1.75 million units, while estimating that 900,000 units will be exported to other countries. (NNT)