Car sales in Thailand to exceed one million in 2012

BANGKOK, March 1 (TNA) - Thailand’s Ministry of Finance says that over one million new vehicles should be sold on the domestic market in 2012, when the country's total car production is expected to reach 1.8 million units, thanks to the improving Thai economy in the wake of a flooding crisis late last year. Permanent Secretary for Finance Areepong Phoocha-um made the estimations on Thailand's vehicle production and sales after his Wednesday's opening of the Auto Show Thailand 2012, the inaugural first-cars fair in the country, being held at Bangkok International Trade and Exhibition Centre (BITEC) in the capital's Bangna area from February 29-March 4. Areepong told journalists that the Thai government has decided to relax its requirements on an ownership transfer within five years of its first-cars scheme, under which owners of first cars will receive an excise tax rebate of no more than 100,000 baht a car, and on an extended beneficiaries of the scheme to cover owners of cars damaged by the country's massive flooding late last year. Meanwhile, Chief Executive Officer (CEO) and President of Kiatnakin Bank Tawatchai Sudtikitpisan cautioned that, despite the post-flood rebounding Thai economy, rising world oil prices could discourage people's decisions on purchasing new cars. (TNA)