Thai Auto Production Jumps 14% on EV and PPV Demand, But Pickup Sales Slump Amid Economic Woes

 

Stricter lending and high cost of living suppress domestic purchasing power, creating a divided market for the automotive industry.

 

Vehicle production in Thailand saw a significant surge in September 2025, largely driven by strong demand for electric vehicles (EVs) and Modified Pickup Vehicles (PPVs).

 

However, this growth masks a deepening problem in the domestic market, where sales of the traditional pickup truck are falling sharply due to a sluggish economy and tighter credit conditions.

 

According to the Federation of Thai Industries (FTI), total vehicle production reached 128,104 units in September 2025.

 

This marked a 14.01% rise from August 2025 and a 4.77% increase year-on-year compared to September 2024.

 

Surapong Paisitpatanapong, vice chairman and spokesman for the FTI’s Automotive Industry Group, confirmed on Wednesday that the jump was primarily due to increased production of electric passenger cars—intended to offset previous import volumes—and the greater output of PPVs for both export and the domestic market, with new model launches contributing to a 29.95% growth in this segment.

 

Domestic sales for the month expanded by a robust 23.82% year-on-year, totalling 48,350 vehicles.

 

This growth was fuelled by the EV segment, where lower prices and appealing modern technology made models more accessible to consumers.

 

 

In stark contrast, sales of conventional pickup trucks fell by 4.00%.

 

Surapong attributed the decline to the twin pressures of a slow-growing domestic economy and high cost of living, which have weakened the financial standing of grassroots buyers.

 

Financial institutions, in turn, have imposed stricter credit approval processes, further suppressing purchasing power.

 

For the first nine months of the year (January–September 2025), total vehicle production was 1,075,801 units, a 4.63% drop compared to the same period in 2024.

 

However, cumulative domestic sales for the nine months still showed a modest growth of 2.12%, reaching 477,969 units.

 

 

 

Exports Show Mixed Picture

Exports of Completely Built Units (CBUs) in September were strong, with 86,056 vehicles shipped, marking a 7.23% increase from September 2024.

 

This was helped by increased overseas demand for pickup trucks and the newly launched PPV models.

 

Markets in Australia, the Middle East, Africa, and Europe showed particular strength.

 

Notably, exports of electric passenger cars and electric pickup trucks rose, though exports of internal combustion engine (ICE) passenger cars declined by 16.97%.

 

 

 

The total export value for vehicles and parts in September 2025 stood at 81.28 billion baht, a modest increase of 1.84% from the previous year.

 

However, the cumulative export value for January–September was down 8.68% year-on-year.

 

 

Electric Vehicle Adoption Soars

Registrations of new electric vehicles continue to surge across all categories:

Battery Electric Vehicles (BEVs): New registrations jumped 80.23% in September 2025, with cumulative new registrations reaching 104,571 units over the first nine months—a rise of 38.49%.

Plug-in Hybrid Electric Vehicles (PHEVs): This segment saw the most dramatic increase, with September new registrations up 84.60% and cumulative nine-month registrations up 105.69%.

Hybrid Electric Vehicles (HEVs): New registrations in September rose by 23.67%.