New vehicle sales in Thailand continued to rise in April 2022, by over 9% to 63,427 units after almost doubling to 58,132 units in the same month of last year, according to the latest wholesale data released by the Federation of Thai Industries (FTI).

Economic growth strengthened to 2.2% year on year in the first quarter after contracting by 2.6% in the same period of last year, driven by strong exports and a recovery in domestic consumption as covid restrictions continued to be eased. Bank of Thailand has kept its benchmark interest rate unchanged at a historic low of 0.5% to help underpin domestic consumption.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Vehicle sales in the first four months of the year were up by almost 19% at 294,043 units compared with 247,264 units in the same period of last year, driven by strong demand for passenger cars and pickup trucks. Sales of electric vehicles (EVs) tripled to 1,232 units in this period.

Surapong Paisitpatanapong, vice-chairman and spokesman for the FTI’s automotive club, said the market this year had been supported by the government’s economic stimulus measures, the easing of covid restrictions and promotional campaigns at the recent Bangkok International Motor Show.

Vehicle exports fell by just under 2% to 58,671 units in April and by 8% to 303,821 year to date while overall production was down by almost 32% to 117,786 units in April and by 14% to 597,864 units in the four month period, which the FTI blamed in part on the continued shortage of semiconductors.

See Also:

The FTI maintained full year vehicle production forecast at 1.8 million units for 2022 while domestic sales were expected to reach 900,000 units.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.