BANGKOK, 27 June 2019(NNT) - Car sales this year are likely to go up thanks to the improved purchasing power of many peopl, in line with recent better prices for agricultural products. This year, the Ministry of Industry expects that 2.2 million cars will be manufactured in Thailand.
Mr. Phasu Loharachun, Permanent Secretary of the Ministry of Industry, said today that the automotive industry is the main economic activity generating revenue for the country. The government has therefore, placed importance on preparing for the automotive industry of the future, by opening a special area to attract additional investment and create more value for the economic system. Meanwhile, the total number of cars to be manufactured this year is expected to reach 2.2 million which is similar to that of the previous year. Of that figure, 1.1 million cars are for domestic sales and another 1.1 million cars are for export.
Mr. Phatthanadej Arsasapphakit, President of the Fast Auto Show Thailand 2019, said today that this year, although the overall economy may be affected by the international trade war, he believes that it won’t affect the car building industry in terms of sales of both new cars and used cars because the purchasing power of many people has improved along with the prices of agricultural crops, and competition among financial institutions offering credit. Meanwhile, sales of electric vehicles are likely to grow in number, due to the advancement of technology.
The private sector is organizing the Fast Auto Show Thailand 2019 which is supported by more than 20 new car and used car operators. There are special promotions at the event in response to the various needs of consumers. In addition, booths have been set up by financial institutions and entrepreneurs involved in the automobile industry, to provide credit counseling. It is expected that at least two thousand new cars and one thousand used cars will be sold at the event. The event will continue until June 30 at the BITEC Exhibition and Convention Center.