FTI reveals April 2024 automobile export figures shrink

Thai automobile exports

Mr. Surapong Paisitpatanapong, Vice Chairman of the Federation of Thai Industries (FTI) and spokesman for the automotive industry group, revealed that the total number of finished car exports in April 2024 was 70,160 units, down 12.23% from the same period last year.

While the export value was 69,274.91 million baht, an increase of 5.79% from the same period of the previous year due to the export of hybrid vehicles (PPV) with higher value.

Mr. Surapong revealed that the total car production in April 2024 was 104,667 units, down 11.02% from April 2023, due to the production of passenger cars and pickup trucks for domestic sales that decreased by 5.03% and 45.94% respectively, in line with the decrease in sales.

Due to high household debt and low economic growth, the industrial production index has been on the rise for several months, while purchasing power remains fragile and has fallen from 24.34% in March 2024.

• The total number of cars produced in January – April 2024 was 518,790 units, a decrease of 17.05% from January – April 2023.
• The total production of passenger cars from January to April 2024 was 193,239 units, equivalent to 37.25% of the total production, down from January to April 2023 by 12.11%.
• Passenger cars less than 10 tons and more than 10 tons in April 2024 were not produced. In January – April 2024, 10 cars were produced, a decrease of 78.26% from the previous year.
• Trucks in April 2024 produced a total of 66,477 units, a decrease of 13.95% from April 2023. From January – April 2024, a total of 325,541 units were produced, a decrease of 19.72% from January – April 2023.
• 1-ton pickup trucks in April 2024 produced a total of 65,752 units, a decrease of 12.50% from April 2023. From January to April 2024, a total of 316,002 units were produced, equivalent to 60.91% of total production, a decrease of 20.08% from January to April 2023.
• Trucks under 5 tons – more than 10 tons in April 2024 produced 725 vehicles, down from April 2023 by 65.61%. Total production from January – April 2024 was 9,539 vehicles, down from January – April 2023 by 5.79%.

In terms of production for export, April 2024 produced 71,928 vehicles, equivalent to 68.72% of total production, an increase of 5.92% from April 2023. In January – April 2024, production for export was 345,608 vehicles, equivalent to 66.62% of total production, a decrease of 2.93% from the same period in 2023.

For domestic sales in April 2024, 32,739 units were produced, equivalent to 31.28% of total production, down from 34.17% in April 2023. In January – April 2024, 173,182 units were produced, equivalent to 33.38% of total production, down from 35.71% in January – April 2023.

For domestic car sales in April 2024, there were a total of 46,738 vehicles, a decrease of 16.69% from March 2024 and a decrease of 21.49% from the same month last year due to stricter approval of car hire-purchase loans by financial institutions and the country’s economy growing at a low level due to the delay of the 2024 budget expenditure, causing government investment spending to decrease significantly, weakening people’s purchasing power. Car sales therefore decreased by 21.49% from the previous year, falling to third place after Malaysia.

When the 2024 budget comes into effect, I hope the government will accelerate disbursement and investment, including stimulating the economy to grow, which the government has already stimulated real estate purchases in April. Therefore, I would like to ask the government to help stimulate car purchases, especially internal combustion cars and pickup trucks that use more than 90% domestically produced parts, which have a large number of related industries, as well as real estate, so that these industries will increase production, increase employment, and give people more jobs. The government will collect more excise taxes, value-added taxes, and income taxes for both corporations and individuals, so that the economy grows at a higher rate.

Mr. Surapong said that for the export of finished cars in April 2024, 70,160 cars were exported, a decrease of 26.22% from the previous month and a decrease of 12.23% from April 2023 because there was less production for export due to the low number of working days in April. Exports were equal to 97.54% of the total production for export, so exports increased in the North American and European markets.

The total export value of automobiles in April 2024, engines, automobile parts and spare parts, was worth 69,274.91 million baht, an increase of 5.79% from April 2023.

While the number of new BEV electric vehicles registered in April 2024 was 6,041, a decrease of 16.60% from April last year.

January – April 2024, there were 35,755 newly registered electric vehicles (BEV), an increase of 36.30% from January – April last year. There were 10,414 new registrations, an increase of 68.02% from April last year. Meanwhile, January – April 2024, there were 48,528 newly registered electric vehicles (HEV), an increase of 58.41% from January – April last year.

The total number of registered electric vehicles of the BEV type as of April 30, 2024

There were a total of 167,334 vehicles, an increase of 187.38% from the previous year, while as of April 30, 2024, there were a total of 391,714 vehicles, an increase of 35.06% from the previous year.

The FTI may adjust its 2024 car production target to 1,900,000 units because many agencies have lowered their economic targets, so it thinks domestic sales may have to be adjusted down. However, it will have to look at the government’s economic stimulus plan and the investment plan that has been delayed for 6 months to see how much can be achieved. The FTI will then ask to see again.

Source of information: Stock news