The Automotive Group of the Federation of Thai Industries (FTI) announced this week that exports of finished cars reached 105,726 units in October, an increase of 8.46% from the previous month and 12.20% from the previous year. This surge included pickup trucks and PPVs (Pickup Passenger Vehicles), which surged as car sales increased in trading partners such as Australia, Central and Eastern Europe, North America, Central America and South America.
The total export of finished cars for the 10-month period (January to October 2023) was 927,625 units, an increase of 15.86% compared to the same period last year, and the export value was 591.92 billion baht, which is 19.03%. higher than the same period in 2022.
This year’s export forecast for completed vehicles is expected to reach 1.1 million units, exceeding the initial target of 1.05 million units, and the group’s total exports are estimated at approximately 1 trillion baht.
The number of automobiles produced in October was 158,734 units, a decrease of 7.02% from the previous year and a decrease of 3.27% from September. This decrease was due to lower production for export and domestic sales, resulting in total vehicle production for the first 10 months of 1,544,705 units, a modest increase of 0.65% compared to the same period last year.
Domestic passenger car sales in October were 58,963 units, a decrease of 5.03% from the previous month and 8.75% from the previous year due to a 37.93% decrease in pickup truck sales. This decline was due to financial institutions tightening loan approvals, as well as a decline in PPV sales due to the launch of new SUV models.