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Bangkok Post – EV sales rise at motor show

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Price cuts and new models fuel surge

The latest Honda EVs on display at the 45th Bangkok International Motor Show. (Photo: Pattarapong Chatpattarasill)
The latest Honda EVs on display at the 45th Bangkok International Motor Show. (Photo: Pattarapong Chatpattarasill)

Bookings for electric vehicles (EVs) are expected to keep growing throughout the Bangkok International Motor Show, thanks to the launch of new EV models and sales promotion campaigns, says the Federation of Thai Industries (FTI).

EV manufacturers are offering more affordable prices, along with low interest rates to attract motorists who are planning to pay for new cars via instalments, said Surapong Paisitpatanapong, vice-chairman of the FTI and spokesman for the federation’s Automotive Industry Club.

The total number of bookings for internal combustion engine-powered cars and EV segments stood at 19,157 units as of March 31, the fifth day of the 12-day-long automotive event which began on March 27, according to the organisers.

Total motorcycle bookings so far stand at 1,723 units.

Many EV makers are competing with one another in terms of designs and electric mobility technology, which are central to the event.

“The 45th Bangkok International Motor Show is boosting EV sales, causing the EV market to grow further, as people want to try EVs,” said Mr Surapong.

He also attributed the higher sales to the government’s EV3.5 scheme.

In December last year, the cabinet approved a new EV incentive package, known as EV3.5, to propel EV industry growth between 2024 and 2027.

The package includes subsidies, reduced import duties for fully assembled cars and an excise tax cut.

EV manufacturers participating in EV3.5 are required to produce EVs domestically from 2026.

The government set a goal for battery electric vehicles (BEVs) to comprise 30% of total car manufacturing by 2030 through the production of 725,000 zero-emission cars, 675,000 electric motorcycles and 34,000 electric buses and trucks.

During the first two months of this year, domestic sales of passenger cars in the BEV category soared by 111% year-on-year to 14,575 units, according to the FTI.

In February alone, new registrations of all types of battery-powered cars fell by 15.9% year-on-year to 6,335 units, said the FTI, citing statistics from the Department of Land Transport.

The decrease was partly attributed to banks’ stricter criteria to grant car loans amid the high rate of household debt in the country, said Mr Surapong.

Other prospective purchasers also postponed their purchases as they want to buy EVs during the Bangkok International Motor Show, he added.

Read More: Bangkok Post – EV sales rise at motor show

2024-04-01 22:30:00

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