The Thai Federation of Industries (FTI) has revised upwards the 2018 automobile production target to 2.1 million vehicles.
The FTI said up to 197,000 cars were manufactured in October, the highest number in 63 months, a 20 per cent year-on-year increase, according to Surapong Paisitpattanapong, vice-president and spokesman of the FTI’s automotive chapter.
The target for this year has been increased from 2.08 million to 2.1 million, up 5.59 per cent over 2017 when total automobile production was 1.988 million. With this year’s target, the export target remains the same at 1.1 million, accounting for 52.38 per cent of the total production target. This marks a decrease of 2.35 per cent – 1.126 million automobiles – compared to last year.
The target for automobiles that are produced to be sold domestically has been increased by 20,000, increasing from the original target of 980,000 to 1 million, accounting for 47.62 per cent of the total automobile production target. The target accounts for the sales boost expected from this year’s Motor Expo, which is expected to sell up to 45,000 automobiles, up from 38,000 last year.
In October, a total of 201,326 motorcycles were produced, up 2.78 per cent year on year. Of the total production, there were 167,314 completely built up (CBU) motorcycles, increasing by 1.91 per cent, while completely knocked down (CKD) motorcycles were at 34,012, up 7.3 per cent. Total motorcycle production from January to October this year was 2.13 million, increasing by 1.67 per cent year on year. Of the total production, 1.724 million are CBU motorcycles, increasing by 0.83 per cent and CKD motorcycles were 405,786 units, increasing by 5.43 per cent.
The total domestic sales of automobiles in October were 86,931, increasing by 26.8 per cent compared to the same period last year. This is because of the growing domestic market, the introduction of new car models by various brands, increased investment and public spending by the government sector, increased private investment, improving economic conditions in the agricultural industry, and a healthy level of tourism.
From January to October this year, total sales of automobiles were 833,515 units, up 20.9 per cent year on year. Meanwhile, motorcycle sales recorded 1.505 million units in this period, down 1.4 per cent year on year.
Exports of ready-made automobiles in October were at 93,338, increasing from the same month last year by 2.75 per cent. Exports of automobiles have increased in almost every market, except the Middle East and Europe, which had a total export value of Bt48.482 billion, down 2.65 per cent year on year.
The total value of automobile exports, including both readymade automobiles, motorcycles, and their respective parts, was Bt793.259 billion, increasing by 1.9 per cent compared to the same period last year.