Thailand's auto production likely to slightly exceed target in 2018

BANGKOK, October 19 (TNA) - The Automotive Industry Club of the Federation of Thai Industries (FTI) says that the country's production of automobiles is likely to total over 2.1 million units, which are slightly exceed its earlier target. Surapong Paisitpatanapong, Spokesman of the FTI's Automotive Industry Club, told journalists of the update on October 18, stating that Thailand's auto production during the first nine months of this year reached over 1.6 million units, a 8.55 per cent year-on-year increase. The spokesman reported that the domestic auto sale during the nine months of this year totaled 746,546, a 20.3 per cent year-on-year increase, prompting his club to review its target of Thailand's total auto sale this year upward to over 2.1 million units, slightly higher than its earlier target of about 2.1 million units, as additional 20,000 units of automobiles are expected to be sold out during the upcoming auto expo late this year. According to the spokesman,Thailand's auto exports, on the other hand, reached almost 860,000 units during the first nine months of this year, a 1.04 per cent year-on-year increase, worth nearly 460 billion baht. The spokesman acknowledged, however, that total exports of Thailand's completely-made automobiles and parts, as well as motorcyles and parts reached about 714.94 billion baht, a 2.37 per cent year-on-year increase. The spokesman attributed the growing Thai auto industry to the expanding national economy, investment and domestic tourism, the rising farm produce and confidence among consumers and the introduction of new auto models. Meanwhile, Supant Mongkolsuthree, Chairman of the Federation of Thai Industries (FTI), told reporters that a clear schedule of the country's new general election early next year has also stimuated the national economy. The FTI chairman pointed out that the country's longer term economic prospect depends on the performance of the newly-elected Thai administration, but he, himself, believed that there should be more investment projects in the country next year, especially in the government-supported Eastern Economic Corridor (EEC) Project. (TNA)