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Thailand’s Automobile Production Results in 2023

Thailand’s automobile production in 2022 decreased by 2.6% from the previous year to 1,834,986 units. Production for the domestic market declined by 19.0% to 685,628 units. The domestic market has shrunk due to stricter auto loan screening and higher policy interest rates. On the other hand, production for export markets increased by 11.4% to 1,156,035 units.

Passenger vehicle production in 2023 went up by 7.5% from the previous year to 645,814 units. On the other hand, sales of commercial vehicles decreased by 7.3% from the previous year to 1,189,172 units. The decline in one-ton pickup truck production, excluding PPVs, led to the decrease in overall commercial vehicle production. Meanwhile, the production volume of electric passenger cars is increasing, BEVs going up to 164 units, PHEVs rising 25% to 8,990 units and HEVs increasing 62% to around 14,600 units.

All top three automakers declined. Market leader Toyota dropped 5.4% to 629,806 units, followed by Isuzu Motors with 324,103 units, down 12.8%, and Mitsubishi Motors with 273,126 units, down 2.0%.

The Federation of Thai Industries predicts that automobile production in 2024 will increase by 3.2% from the previous year to 1.9 million units. Domestic production is expected to increase by 9.3% to 750,000 units due to increased production of BEVs among other factors. On the other hand, production for export is forecast to decrease by 0.5% to 1.15 million units.

Graph: Thailand: Production Volume of Automobiles by Market Destination (Actual: 2014-2023, Forecast: 2024)Graph: Thailand: Production Volume of Top Five Automakers (2018-2023)
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