Production and sales of EVs to rise again this year: FTI


The Federation of Thai Industry (FTI) expects the production of electric vehicles (EV) to soar to almost 2 million units this year and sales of EVs to reach 190,000 units.

According to Surapong Paisitpattanapong, vice president and spokesperson of the FTI's automotive industry club, the EV vehicles production target for this year is 1.9 million vehicles, up from 1.8 million vehicles in 2023.

The increase in production will be driven by strong demand from both the domestic and export markets. This is based on expectations that the Thai economy will grow by 3.5% in 2024, which will boost domestic demand for vehicles, while the export market is also expected to remain strong, as demand for Thai-made vehicles continues to grow in key markets such as the United States, Europe, and ASEAN.

The FTI also expects EVs to continue to grow in popularity this year. The association has set a sales target of 190,000 EVs for this year, up from 160,000 EVs in 2023.

The growth of EVs is being driven by government incentives, such as tax breaks and subsidies for EV purchases. The government is also investing in the development of EV infrastructure, such as charging stations.

It is anticipated that more jobs will be created in the Thai automotive industry, which currently employs more than 1 million people and generates billions of baht in revenue