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Thailand’s automotive sector expected to produce 1.4m cars this year

This increase in output is a result of the recovery of domestic and export markets, with the annual output for 2021 expected to be around 1.4 million.

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Thailand Automotive Institute (TAI) anticipates the overall output from Thailand’s automotive sector this year to be around 1.4 million cars. They are, however, still cautious over automobile exports until at least March this year, due to the resurgence of COVID-19 cases around the world.

Thailand Automotive Institute‘s President Pisit Rangsaritwutikul said automobile exports from Thailand will continue to face challenges from safeguard measures implemented by some countries, such as the Philippines, which effectively limit the amount of auto imports into their countries.

This import limitation by the Philippines is expected to affect the amount of Thailand’s auto exports, as Thailand is the second largest and the largest sedan and pick up trucks to the Philippines respectively. This measure is expected to stay until 8 August, with a possibility for further extension.

According to TAI’s Next Generation Automotive Research Center, Thailand’s automotive sector produced a 19-month high of 172,455 cars in November 2020 alone, with the total output from January to November 2020 at 1,284,202.

This increase in output is a result of the recovery of domestic and export markets, with the annual output for 2021 expected to be around 1.4 million.

The TAI notes that the sector may face some uncertainties until March 2021 from the resurgence of COVID-19 cases around the world.

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The most important issue for the Thai economy at present would be the procurement and distribution of appropriate vaccines adequately and timely.

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The Bank of Thailand (BoT) has revealed that Thailand’s economy faces significant downside risks, because a prolonged COVID-19 outbreak could cause the economy to underperform the baseline projection, squeezing business liquidity and slowing employment.

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