The number of passenger EV registrations in Thailand is estimated to reach only 80,000 this year, according to Suraj Sangsnit, president of the Electric Vehicle Association of Thailand.
This is a 5% increase from the 76,000 units sold last year, but it falls short of the association’s previous forecast of 150,000 units.
January saw the most registrations at 13,321 units due to some EV promotion policies that expired at the end of January. Since then, registrations have been falling.
The situation in Thailand has to do with its sluggish economy and high levels of household debt that have resulted in stricter lending practices by financial institutions, Bangkok Post reports.
The country’s household debts totaled 91.03% of its GDP at the end of the first quarter of 2024. At the same time, auto loans rose by 32% from the previous year.
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