1 week Ago
The newly established 5-billion-baht government fund has begun to lift domestic auto sales, helping to drive total vehicle bookings at the recent Bangkok International Motor Show. "A sharp increase in bookings during the event was attributed to a mix of factors, ranging from new car models and attractive sales promotions to the 5-billion-baht fund," said Jaturont Komolmis, chief operating officer and vice-chairman of the 46th Bangkok International Motor Show. Last month the government agreed to have the Thai Credit Guarantee Corporation allocate 5 billion baht as a guarantee to facilitate small and medium-sized enterprises (SMEs) applying for loans for pickups from banks and auto financing companies.
The measure sought to encourage bankers to relax lending criteria amid high levels of household debt, supporting SMEs as they use pickups for both travel and to earn a living. The fund, applicable from April 1 to Dec 30, took effect during the 12-day motor show, which ended on April 6. Tri Petch Isuzu Sales, the local distributor of Isuzu pickups and sports utility vehicles, is optimistic about the fund's effect.
The company reported its bookings at the event increased to 2,989 units, up from 2,734 units in 2024. Takashi Hata, president of Tri Petch Isuzu Sales, said the company will monitor how the new fund benefits the sluggish automotive industry and its supply chain, especially auto parts makers. Pickup assembly utilises 80-90% of all auto parts in the market, according to the Federation of Thai Industries (FTI).
During the recent event, total car and motorcycle bookings tallied 79,941 units, up 44.8% from last year, said Mr Jaturont. Cars made up the majority, accounting for 77,379 vehicles.
Thai drivers are still eager to try electric vehicles (EVs) despite difficulties in securing loans, as EV bookings soared by 65% year-on-year, compared with a 35% increase for internal combustion engine-powered cars, he said. Chinese EV maker BYD commanded the highest share of bookings with 9,819 units, followed closely by Toyota at 9,615 units and Chinese firm GAC Aion with 7,018 units. The motor show helps to boost car sales in the domestic market this year, said Surapong Paisitpatanapong, vice-chairman of the FTI and spokesman for its Automotive Industry Club.
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