UPDATE 1-Thai domestic motor vehicle product sales might drop 5.3% this yr – federation
* Domestic income focused at 750,000 cars this 12 months
* Outbreaks however a worry, exports may possibly not improve in 2021
* 2020 revenue drop 21.4% automobile exports slump 30.2% (Recasts with outlook, adds industry sentiment)
BANGKOK, Jan 20 (Reuters) – Domestic auto gross sales in Thailand may fall 5.3% this year, immediately after a 21.4% slump previous calendar year, amid a the latest outbreak of the coronavirus, the Federation of Thai Industries (FTI) explained on Wednesday.
Revenue are qualified at 750,000 cars and trucks in 2021 immediately after 792,146 cars offered previous yr, the FTI said.
Thailand is a regional car manufacturing and export foundation for the world’s top carmakers.
Car or truck manufacturing is envisioned at 1.5 million vehicles this 12 months, half of which would be exported and the other 50 percent offered domestically. That compares to the 1.43 million developed previous year.
“We are even now fearful about 2nd or 3rd coronavirus waves in some nations around the world even though Thailand has a next wave,” Surapong Paisitpattanapong, spokesman of the FTI’s automotive sector division, instructed a information briefing.
“There is also a chips lack, earning some carmakers quit manufacturing temporarily. Car or truck exports may perhaps not expand this yr,” he stated.
Auto exports plunged 30.19% past calendar year.
The FTI’s Thai industries sentiment index fell in December for the very first time in 8 months because of to worries about the outbreak and the condition of the Thai and world-wide economies, it stated.
Nonetheless, domestic car or truck income rose for a 2nd thirty day period in December, up 11.3% from a yr before to 104,089 motor vehicles, just after a 2.7% raise the previous thirty day period, it said.
“Sales in December were astonishingly good,” Surapong said, including all those had been boosted by govt stimulus, launches of new automobile types and promoting campaigns.
Thailand’s coronavirus instances have tripled in the previous five weeks to 12,653, with 71 deaths recorded given that a yr in the past.
The govt on Tuesday accredited $7 billion in new stimulus to mitigate the outbreak affect on Southeast Asia’s next-premier financial state. ($1 = 29.97 baht) (Reporting by Orathai Sriring, Kitiphong Thaichareon and Satawasin Staporncharnchai Editing by Martin Petty)