Latest news with #FederationOfThaiIndustries
Yahoo
27-05-2025
- Automotive
- Yahoo
Thai vehicle sales rise 1% in April
Thailand's new vehicle market expanded by 1% to 47,193 units in April 2025 from 46,738 units a year earlier, according to the latest wholesale data released by the Federation of Thai Industries (FTI). Sales last month were driven higher mainly by a sharp rise in battery electric vehicle (BEV) deliveries, reflecting strong marketing campaigns, primarily by Chinese automakers at the recent Bangkok Motor Show. The Thai vehicle market looks like it is beginning to bottom out after two years of sharp declines, which have been blamed largely on tightened lending criteria by banks and auto finance companies in response to a sharp rise in non-performing loans (NPLs) in the last few years. This has left the country's highly indebted consumers and small businesses struggling to access financing. Vehicle sales last year fell by 26% to 572,675 units, from 775,780 in 2023 - the lowest level since 2009. In the first four months of 2025 the market declined by a further 5% to 200,386 units from 210,494 units a year earlier, with sales of pickup trucks falling by 15% to 51,492 units; passenger pickup trucks 12,266 units (-9%); internal combustion engine (ICE) passenger vehicles 48,784 units (-14%); and hybrid vehicles 44,771 units (-5%), while sales of battery electric vehicles (BEVs) increased by 46% to 33,633 units. Sales of pickup trucks continued to decline sharply despite the recent launch of a THB 5 billion loan-guarantee programme by the Thai government, which runs until the end of the year, to support pickup truck purchases by local small and medium-sized businesses. The government has also recently approved a lower sales tax rate for plug-in hybrid electric vehicles (PHEVs), which is scheduled to come into effect at the beginning of 2026. Surapong Paisitpatanapong, vice-chairman of the FTI, told local reporters' The automotive industry remains weak as the high level of household debt continues to keep banks and car financing companies cautious about granting auto loans." Thailand remains the ASEAN region's largest vehicle producer, despite a 12% drop in output to 456,749 units in the first four months of 2025. Exports fell by 17% to 285,869 units, due to lower overseas demand, rising competition from China-based automakers and tightened emissions regulations in some key markets. The Federation now expects full-year vehicle output to drop to 1.4 million units in 2025, down from the 1.5 million units it had forecast earlier in the year. This compares with 1.84 million units produced in 2023. Vehicle and component manufacturers also face the added pressure of new import tariffs in the US. "Thai vehicle sales rise 1% in April" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
07-05-2025
- Business
- Reuters
Thai business group cuts 2025 GDP growth forecast over tariffs impact
BANGKOK, May 7 (Reuters) - Thailand's economy is expected to grow by between 2.0% and 2.2% this year, down from a previous forecast of 2.4% to 2.9% growth due to the impact of U.S. tariffs, a leading joint business group said on Wednesday. Exports, a key driver of Thailand's economy, could rise by 0.3% to 0.9% this year, lower than an earlier projection of 1.5% to 2.5% growth, the Joint Standing Committee on Commerce, Industry and Banking said. Thailand is among the Southeast Asian nations hardest hit by U.S. President Donald Trump's measures, with a 36% tariff if a reduction cannot be negotiated before a moratorium expires in July. The business group was concerned that export rivals might negotiate better tariff terms and disadvantage Thai shipments to the United States, a key market, said Kriengkrai Theinnukul, chair of the Federation of Thai Industries, which is part of the group. The baht appreciation was also was a concern and could weigh on businesses, he said, adding the government should manage the currency so it does not appreciate too fast or become too volatile. Thailand's finance ministry last week cut its forecast for economic growth this year to 2.1% from 3% due to the impact of U.S. tariffs and a global slowdown.
CNA
07-05-2025
- Business
- CNA
Thai business group cuts 2025 GDP growth forecast over tariffs impact
BANGKOK :Thailand's economy is expected to grow by between 2.0 per cent and 2.2 per cent this year, down from a previous forecast of 2.4 per cent to 2.9 per cent growth due to the impact of U.S. tariffs, a leading joint business group said on Wednesday. Exports, a key driver of Thailand's economy, could rise by 0.3 per cent to 0.9 per cent this year, lower than an earlier projection of 1.5 per cent to 2.5 per cent growth, the Joint Standing Committee on Commerce, Industry and Banking said. Thailand is among the Southeast Asian nations hardest hit by U.S. President Donald Trump's measures, with a 36 per cent tariff if a reduction cannot be negotiated before a moratorium expires in July. The business group was concerned that export rivals might negotiate better tariff terms and disadvantage Thai shipments to the United States, a key market, said Kriengkrai Theinnukul, chair of the Federation of Thai Industries, which is part of the group. The baht appreciation was also was a concern and could weigh on businesses, he said, adding the government should manage the currency so it does not appreciate too fast or become too volatile. Thailand's finance ministry last week cut its forecast for economic growth this year to 2.1 per cent from 3 per cent due to the impact of U.S. tariffs and a global slowdown.
