June 17, 2024

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UPDATE 1-Thai domestic automobile revenue could drop 5.3% this calendar year – federation

* Domestic sales targeted at 750,000 automobiles this year

* Outbreaks even now a worry, exports might not develop in 2021

* 2020 gross sales fall 21.4% vehicle exports slump 30.2% (Recasts with outlook, provides market sentiment)

BANGKOK, Jan 20 (Reuters) – Domestic car income in Thailand may possibly fall 5.3% this year, just after a 21.4% slump final calendar year, amid a recent outbreak of the coronavirus, the Federation of Thai Industries (FTI) mentioned on Wednesday.

Gross sales are targeted at 750,000 vehicles in 2021 following 792,146 cars sold last calendar year, the FTI explained.

Thailand is a regional motor vehicle production and export foundation for the world’s top carmakers.

Car production is envisioned at 1.5 million cars this 12 months, fifty percent of which would be exported and the other half offered domestically. That compares to the 1.43 million produced final calendar year.

“We are even now worried about next or third coronavirus waves in some international locations while Thailand has a second wave,” Surapong Paisitpattanapong, spokesman of the FTI’s automotive marketplace division, informed a information briefing.

“There is also a chips scarcity, generating some carmakers end manufacturing quickly. Motor vehicle exports might not grow this 12 months,” he reported.

Car exports plunged 30.19% last yr.

The FTI’s Thai industries sentiment index fell in December for the first time in eight months thanks to issues around the outbreak and the condition of the Thai and global economies, it explained.

However, domestic vehicle profits rose for a second month in December, up 11.3% from a 12 months before to 104,089 vehicles, right after a 2.7% maximize the previous month, it claimed.

“Sales in December ended up remarkably fantastic,” Surapong explained, including those had been boosted by govt stimulus, launches of new car models and advertising campaigns.

Thailand’s coronavirus circumstances have tripled in the past 5 weeks to 12,653, with 71 fatalities recorded considering that a yr ago.

The authorities on Tuesday accredited $7 billion in new stimulus to mitigate the outbreak influence on Southeast Asia’s next-major financial system. ($1 = 29.97 baht) (Reporting by Orathai Sriring, Kitiphong Thaichareon and Satawasin Staporncharnchai Enhancing by Martin Petty)