Bangkok, In 2023, automobile production falls short of target due to banks being strict in approving loans. The whole year produced 1,841,663 cars, a contraction of 2.22%, while the number of newly registered EV cars jumped 381.77%. F.T.I. aims to produce 1,900,000 cars in 2024. Mr. Suraphong Paisitpattanaphong Vice President and Spokesperson of the Automotive Industry Group, F.T.I., revealed that the number of cars produced in 2023 (January - December) totaled 1,841,663 cars, a decrease of 2.22 percent from last year, especially December 2023 car production. A total of 133,621 vehicles were produced, which decreased by 15.75 percent from December last year due to domestic sales production decreasing by 29.94 percent, especially pickup trucks produced decreased by 41.30 percent as a result of stricter approvals. Pickup truck loans because household debt is as high as 90.6 percent of GDP. The economy has slowed down due to decreased industrial output along with decreased exports. The factory therefore reduce d working shifts and reduced overtime. Workers lack income coupled with the cost of living and high interest rates This leaves insufficient money to spend on other things. In addition, government investment and economic stimulation must wait for the 2024 budget, which will be delayed for several more months. Including part of the result of electric cars being imported for sale in the country. There were 75,690 electric vehicle registrations, causing passenger car production to decrease by 16.24 percent. But car production for export in 2023 grew up to 11.44 percent, following an increase in exports of 11.30 percent and higher than exports. Issued in 2019 before the COVID-19 situation occurred and decreased from November 2023 by 18.19 percent due to fewer working days. However, it was found that The export figure for finished cars for the whole year 2023 is at 1,117,539 cars, higher than 2019. where the COVID-19 outbreak occurred and is the highest number in 5 years, an increase of 11.73 percent from 2022. T his is because most trading partners still have increased car sales as the economy continues to expand. As a result, exports will increase in every market. Except for the African market which is declining. While throughout the year there were a cumulative total of 100,214 newly registered electric vehicles (BEVs), an increase of 381.77 percent from last year, for December only. There were 11,187 new vehicles registered, an increase of 317.43 percent from last December. For 2024, FTI Automotive Industry Group aims to increase vehicle production to 1,900,000 vehicles, or an increase of 3.17 percent, because Thailand is a production base for pickup trucks that transport goods and people. To export to more than one hundred countries around the world. Therefore, it is not affected much by the global economic slowdown. China opens the country This may result in growth in world trade and tourism. Therefore, it is a positive factor for exports of many countries. Including Thailand The semiconductor component shorta ge problem has largely been alleviated. As a result, production for export has increased. Investment in electric vehicle production in Thailand Product orders from trading partners such as the United States, Europe, China have increased, including potential markets such as the GCC Arab Gulf group. And interest rates may be in a downward trend, causing the world economy to improve. But at the same time, there are still negative factors, such as the slowdown in world economic growth and international conflicts that have already occurred or new ones that may increase. As a result, exports will decrease and inflation may increase. Both domestic and international markets have become more intensely competitive. and more competitors arise in the region Policies of neighboring countries that impede exports, such as increasing excise taxes on certain types of cars in Laos. Production for sale in the country Targeting an increase from 2023 of 9.39 percent or production of 750,000 vehicles from the transfer of product ion bases of foreign investors to Thailand. Resulting in linking the supply chain of the industry. The demand for environmentally friendly products is increasing worldwide due to changing regulations and consumer behavior. More and more electric vehicles have begun to be produced. But at the same time Household debt, public debt, cost of living, interest rates As the parade increases, it affects the purchasing power of the people. Make sales in the real estate industry The automotive industry, which has many supply chains, has slowed down. Affects employment This causes the income of construction and factory workers to decrease. Annual budget for 2024 The delay of about eight months also delayed investment and economic stimulus. As a result, private investment in employment has been delayed. The economy therefore grew at a low level. International conflicts may expand and increase in many areas, resulting in higher prices of energy, goods, and raw materials. and exporting various products This year it may de crease due to the global economy slowing down, resulting in a decrease in production, investment, and employment. Purchasing power has decreased. Source: Thai News Agency

Bangkok, In 2023, automobile production falls short of target due to banks being strict in approving loans. The whole year produced 1,841,663 cars, a contraction of 2.22%, while the number of newly registered EV cars jumped 381.77%. F.T.I. aims to produce 1,900,000 cars in 2024. Mr. Suraphong Paisitpattanaphong Vice President and Spokesperson of the Automotive Industry Group, F.T.I., revealed that the number of cars produced in 2023 (January - December) totaled 1,841,663 cars, a decrease of 2.22 percent from last year, especially December 2023 car production. A total of 133,621 vehicles were produced, which decreased by 15.75 percent from December last year due to domestic sales production decreasing by 29.94 percent, especially pickup trucks produced decreased by 41.30 percent as a result of stricter approvals. Pickup truck loans because household debt is as high as 90.6 percent of GDP. The economy has slowed down due to decreased industrial output along with decreased exports. The factory therefore reduce d working shifts and reduced overtime. Workers lack income coupled with the cost of living and high interest rates This leaves insufficient money to spend on other things. In addition, government investment and economic stimulation must wait for the 2024 budget, which will be delayed for several more months. Including part of the result of electric cars being imported for sale in the country. There were 75,690 electric vehicle registrations, causing passenger car production to decrease by 16.24 percent. But car production for export in 2023 grew up to 11.44 percent, following an increase in exports of 11.30 percent and higher than exports. Issued in 2019 before the COVID-19 situation occurred and decreased from November 2023 by 18.19 percent due to fewer working days. However, it was found that The export figure for finished cars for the whole year 2023 is at 1,117,539 cars, higher than 2019. where the COVID-19 outbreak occurred and is the highest number in 5 years, an increase of 11.73 percent from 2022. T his is because most trading partners still have increased car sales as the economy continues to expand. As a result, exports will increase in every market. Except for the African market which is declining. While throughout the year there were a cumulative total of 100,214 newly registered electric vehicles (BEVs), an increase of 381.77 percent from last year, for December only. There were 11,187 new vehicles registered, an increase of 317.43 percent from last December. For 2024, FTI Automotive Industry Group aims to increase vehicle production to 1,900,000 vehicles, or an increase of 3.17 percent, because Thailand is a production base for pickup trucks that transport goods and people. To export to more than one hundred countries around the world. Therefore, it is not affected much by the global economic slowdown. China opens the country This may result in growth in world trade and tourism. Therefore, it is a positive factor for exports of many countries. Including Thailand The semiconductor component shorta ge problem has largely been alleviated. As a result, production for export has increased. Investment in electric vehicle production in Thailand Product orders from trading partners such as the United States, Europe, China have increased, including potential markets such as the GCC Arab Gulf group. And interest rates may be in a downward trend, causing the world economy to improve. But at the same time, there are still negative factors, such as the slowdown in world economic growth and international conflicts that have already occurred or new ones that may increase. As a result, exports will decrease and inflation may increase. Both domestic and international markets have become more intensely competitive. and more competitors arise in the region Policies of neighboring countries that impede exports, such as increasing excise taxes on certain types of cars in Laos. Production for sale in the country Targeting an increase from 2023 of 9.39 percent or production of 750,000 vehicles from the transfer of product ion bases of foreign investors to Thailand. Resulting in linking the supply chain of the industry. The demand for environmentally friendly products is increasing worldwide due to changing regulations and consumer behavior. More and more electric vehicles have begun to be produced. But at the same time Household debt, public debt, cost of living, interest rates As the parade increases, it affects the purchasing power of the people. Make sales in the real estate industry The automotive industry, which has many supply chains, has slowed down. Affects employment This causes the income of construction and factory workers to decrease. Annual budget for 2024 The delay of about eight months also delayed investment and economic stimulus. As a result, private investment in employment has been delayed. The economy therefore grew at a low level. International conflicts may expand and increase in many areas, resulting in higher prices of energy, goods, and raw materials. and exporting various products This year it may de crease due to the global economy slowing down, resulting in a decrease in production, investment, and employment. Purchasing power has decreased. Source: Thai News Agency

Bangkok, In 2023, automobile production falls short of target due to banks being strict in approving loans. The whole year produced 1,841,663 cars, a contraction of 2.22%, while the number of newly registered EV cars jumped 381.77%. F.T.I. aims to produce 1,900,000 cars in 2024. Mr. Suraphong Paisitpattanaphong Vice President and Spokesperson of the Automotive Industry Group, F.T.I., revealed that the number of cars produced in 2023 (January - December) totaled 1,841,663 cars, a decrease of 2.22 percent from last year, especially December 2023 car production. A total of 133,621 vehicles were produced, which decreased by 15.75 percent from December last year due to domestic sales production decreasing by 29.94 percent, especially pickup trucks produced decreased by 41.30 percent as a result of stricter approvals. Pickup truck loans because household debt is as high as 90.6 percent of GDP. The economy has slowed down due to decreased industrial output along with decreased exports. The factory therefore reduce d working shifts and reduced overtime. Workers lack income coupled with the cost of living and high interest rates This leaves insufficient money to spend on other things. In addition, government investment and economic stimulation must wait for the 2024 budget, which will be delayed for several more months. Including part of the result of electric cars being imported for sale in the country. There were 75,690 electric vehicle registrations, causing passenger car production to decrease by 16.24 percent. But car production for export in 2023 grew up to 11.44 percent, following an increase in exports of 11.30 percent and higher than exports. Issued in 2019 before the COVID-19 situation occurred and decreased from November 2023 by 18.19 percent due to fewer working days. However, it was found that The export figure for finished cars for the whole year 2023 is at 1,117,539 cars, higher than 2019. where the COVID-19 outbreak occurred and is the highest number in 5 years, an increase of 11.73 percent from 2022. T his is because most trading partners still have increased car sales as the economy continues to expand. As a result, exports will increase in every market. Except for the African market which is declining. While throughout the year there were a cumulative total of 100,214 newly registered electric vehicles (BEVs), an increase of 381.77 percent from last year, for December only. There were 11,187 new vehicles registered, an increase of 317.43 percent from last December. For 2024, FTI Automotive Industry Group aims to increase vehicle production to 1,900,000 vehicles, or an increase of 3.17 percent, because Thailand is a production base for pickup trucks that transport goods and people. To export to more than one hundred countries around the world. Therefore, it is not affected much by the global economic slowdown. China opens the country This may result in growth in world trade and tourism. Therefore, it is a positive factor for exports of many countries. Including Thailand The semiconductor component shorta ge problem has largely been alleviated. As a result, production for export has increased. Investment in electric vehicle production in Thailand Product orders from trading partners such as the United States, Europe, China have increased, including potential markets such as the GCC Arab Gulf group. And interest rates may be in a downward trend, causing the world economy to improve. But at the same time, there are still negative factors, such as the slowdown in world economic growth and international conflicts that have already occurred or new ones that may increase. As a result, exports will decrease and inflation may increase. Both domestic and international markets have become more intensely competitive. and more competitors arise in the region Policies of neighboring countries that impede exports, such as increasing excise taxes on certain types of cars in Laos. Production for sale in the country Targeting an increase from 2023 of 9.39 percent or production of 750,000 vehicles from the transfer of product ion bases of foreign investors to Thailand. Resulting in linking the supply chain of the industry. The demand for environmentally friendly products is increasing worldwide due to changing regulations and consumer behavior. More and more electric vehicles have begun to be produced. But at the same time Household debt, public debt, cost of living, interest rates As the parade increases, it affects the purchasing power of the people. Make sales in the real estate industry The automotive industry, which has many supply chains, has slowed down. Affects employment This causes the income of construction and factory workers to decrease. Annual budget for 2024 The delay of about eight months also delayed investment and economic stimulus. As a result, private investment in employment has been delayed. The economy therefore grew at a low level. International conflicts may expand and increase in many areas, resulting in higher prices of energy, goods, and raw materials. and exporting various products This year it may de crease due to the global economy slowing down, resulting in a decrease in production, investment, and employment. Purchasing power has decreased. Source: Thai News Agency

Bangkok, In 2023, automobile production falls short of target due to banks being strict in approving loans. The whole year produced 1,841,663 cars, a contraction of 2.22%, while the number of newly registered EV cars jumped 381.77%. F.T.I. aims to produce 1,900,000 cars in 2024. Mr. Suraphong Paisitpattanaphong Vice President and Spokesperson of the Automotive Industry Group, F.T.I., revealed that the number of cars produced in 2023 (January - December) totaled 1,841,663 cars, a decrease of 2.22 percent from last year, especially December 2023 car production. A total of 133,621 vehicles were produced, which decreased by 15.75 percent from December last year due to domestic sales production decreasing by 29.94 percent, especially pickup trucks produced decreased by 41.30 percent as a result of stricter approvals. Pickup truck loans because household debt is as high as 90.6 percent of GDP. The economy has slowed down due to decreased industrial output along with decreased exports. The factory therefore reduce d working shifts and reduced overtime. Workers lack income coupled with the cost of living and high interest rates This leaves insufficient money to spend on other things. In addition, government investment and economic stimulation must wait for the 2024 budget, which will be delayed for several more months. Including part of the result of electric cars being imported for sale in the country. There were 75,690 electric vehicle registrations, causing passenger car production to decrease by 16.24 percent. But car production for export in 2023 grew up to 11.44 percent, following an increase in exports of 11.30 percent and higher than exports. Issued in 2019 before the COVID-19 situation occurred and decreased from November 2023 by 18.19 percent due to fewer working days. However, it was found that The export figure for finished cars for the whole year 2023 is at 1,117,539 cars, higher than 2019. where the COVID-19 outbreak occurred and is the highest number in 5 years, an increase of 11.73 percent from 2022. T his is because most trading partners still have increased car sales as the economy continues to expand. As a result, exports will increase in every market. Except for the African market which is declining. While throughout the year there were a cumulative total of 100,214 newly registered electric vehicles (BEVs), an increase of 381.77 percent from last year, for December only. There were 11,187 new vehicles registered, an increase of 317.43 percent from last December. For 2024, FTI Automotive Industry Group aims to increase vehicle production to 1,900,000 vehicles, or an increase of 3.17 percent, because Thailand is a production base for pickup trucks that transport goods and people. To export to more than one hundred countries around the world. Therefore, it is not affected much by the global economic slowdown. China opens the country This may result in growth in world trade and tourism. Therefore, it is a positive factor for exports of many countries. Including Thailand The semiconductor component shorta ge problem has largely been alleviated. As a result, production for export has increased. Investment in electric vehicle production in Thailand Product orders from trading partners such as the United States, Europe, China have increased, including potential markets such as the GCC Arab Gulf group. And interest rates may be in a downward trend, causing the world economy to improve. But at the same time, there are still negative factors, such as the slowdown in world economic growth and international conflicts that have already occurred or new ones that may increase. As a result, exports will decrease and inflation may increase. Both domestic and international markets have become more intensely competitive. and more competitors arise in the region Policies of neighboring countries that impede exports, such as increasing excise taxes on certain types of cars in Laos. Production for sale in the country Targeting an increase from 2023 of 9.39 percent or production of 750,000 vehicles from the transfer of product ion bases of foreign investors to Thailand. Resulting in linking the supply chain of the industry. The demand for environmentally friendly products is increasing worldwide due to changing regulations and consumer behavior. More and more electric vehicles have begun to be produced. But at the same time Household debt, public debt, cost of living, interest rates As the parade increases, it affects the purchasing power of the people. Make sales in the real estate industry The automotive industry, which has many supply chains, has slowed down. Affects employment This causes the income of construction and factory workers to decrease. Annual budget for 2024 The delay of about eight months also delayed investment and economic stimulus. As a result, private investment in employment has been delayed. The economy therefore grew at a low level. International conflicts may expand and increase in many areas, resulting in higher prices of energy, goods, and raw materials. and exporting various products This year it may de crease due to the global economy slowing down, resulting in a decrease in production, investment, and employment. Purchasing power has decreased. Source: Thai News Agency