FTI projects domestic auto sales to reach target

BANGKOK, June 22 (TNA) -- The Federation of Thai Industries (FTI) projected on Wednesday that the auto sales will reach the target of 800,000 units in accordance with the positive outlook of Thai economy. Surapong Paisitpattanapong, spokesman of the automotive industry of the Federation of Thai Industries disclosed that the domestic auto sales in May 2017 increased continuously to 66,422 units, or 0.6 percent rise year-on-year due to Thai positive economic outlook. Looking into the overall picture in the first five months of this year, domestic auto sales amounted to 340,179 units in total, a 12.4 per cent increase year-on-year. As a result, the FTI projects that the domestic auto sales will reach its target at 800,000 units for the whole year of 2017. Meanwhile, auto exports dropped for the 11th consecutive month in May to 90,092 units, 9.5 per cent lower from the same period last year. Auto exports valued at 48 billion baht, or 12.69 per cent, down year-on-year. Auto export ratio to the Middle East market plummeted from 25 per cent to less than eight per cent owing to a restricted rule on diesel engine emission. It is expected that the production of diesel engine vehicles will be phased out by the next 10 years as the world’s leading car manufacturers plan to convert to produce more hybrid and plug-in hybrid and electric cars. (TNA)