Thai EV sales set to miss target as banks tighten auto loans

Thailand’s electric vehicle sales are expected to fall short of targets this year due to lenders being more cautious in approving auto loans, with household debt at a record high. The forecast for new battery-powered passenger EV registrations is 80,000 units, below the earlier prediction of 150,000 units. This slower growth is impacting Chinese manufacturers like BYD Co. and Great Wall Motor Co. Thailand’s auto industry is also facing challenges, with a decline in overall vehicle production and sales. The economic situation, including tepid growth and high household debt, is contributing to the slowdown in auto sales. The EV association is calling for government action to address household debt and support the industry.