Passenger cars are outselling pick-ups in Thailand in 2023 so far, EV sales increase by 1,600%!
CY Foong · Sep 1, 2023 02:00 PM
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Normally, pick-up trucks are king in Thailand but for the first time since the Kingdom started recording sales data, passenger cars are outselling pick-ups according to sales data for the first 7 months of 2023.
170,598 passenger cars which consist of hatchbacks and sedans in the Kingdom were sold in 2023 so far compared to 169,994 pick-up trucks in the same period. It’s not an entirely major victory for the passenger car market as the difference is only a mere 604 units between the segments but a win is still a win even if it’s by a single mile unit.
Sales of SUVs also rose in the Kingdom with 61,533 units sold around the country in the first 7 months of 2023, a 27.02% gain compared to the same period last year (48,444 units).
Vice President and Spokesperson for the Federation of Thai Industries (FTI), Suraphong Paisitpattanaphong, told Headlight Mag the reason for this small shift in sales is due to tighter credit approval for businesses that hold the bulk of pick-up sales in the Kingdom.
“This is the first time in Thai automotive history that passenger cars have outsold pick-up trucks,” he told the Thai automotive publication. “The rising household debt has caused financial institutions to tighten credit approval which mostly affects grassroots groups including farmers and SMEs.”
As such, pick-up truck sales have fallen sharply in the first 7 months of 2023 compared to the same period in 2022. Sales of pick-up trucks between Jan-July 2023 have dropped 25.46% from 228,070 in Jan-July 2022.
Passenger car sales, meanwhile, have risen 10% compared to the same 7-month period in 2022 (155,087 units). Overall, new vehicle sales in Thailand have dipped from 491,329 units in Jan-July 2022 to 464,550 units in Jan-July 2023.
The Isuzu D-Max remains Thailand's best-selling car of 2023 so far
However, there is another shift in Thai buyers’ choices when it comes to what powers their vehicles. Internal combustion engine (ICE) vehicles are still the Kingdom’s preferred choice with 381,453 units sold in the first 7 months of 2023 but sales dropped by 15.78 percent compared to the same period in 2022.
EVs saw a significant rise in sales in the first 7 months of 2023 with 35,781 units sold so far, an astonishing 1,605.48% increase compared to the same period last year. Hybrid vehicles also saw a significant boost with 45,862 units sold, an increase of 30.02%.
Traded advertising for a career that fits his passion for cars. Enjoys spotting cars during his free time and has a soft spot for Japanese Kei cars but drives a thirsty manual sedan.
