Electric Vehicles in Thailand

[josephbloggs]

6 minutes ago, transam said:

So no constructive comment then, just a put-down, as the click here generally does.............Oh well...🤔

Seems I must have missed all your constructive comments somewhere. Do you have a link to one?

[transam]

1 minute ago, josephbloggs said:

Seems I must have missed all your constructive comments somewhere. Do you have a link to one?

So no constructive comment then...?  🤔

[transam]

It would seem Thai banks are fed up with the walk-ers, though not only EV's..........

 

https://www.bangkokpost.com/business/motoring/2860518/thai-ev-sales-to-miss-target-as-banks-curb-loans-on-debt-risk

[Gweiloman]

1 hour ago, josephbloggs said:

Seems I must have missed all your constructive comments somewhere. Do you have a link to one?

The technology he knows is obsolete but he can’t bring himself to face up to it so all he can really do is post nonsensical stuff.

 

 I was wondering what it is that some have against EVs. Unlike with say diesel vehicles which can emit foul toxic fumes, EVs should be neutral at worst. Then I realised that it’s because the best EVs in the world are made in China and that’s why there are EV haters.

[transam]

51 minutes ago, Gweiloman said:

The technology he knows is obsolete but he can’t bring himself to face up to it so all he can really do is post nonsensical stuff.

 

 I was wondering what it is that some have against EVs. Unlike with say diesel vehicles which can emit foul toxic fumes, EVs should be neutral at worst. Then I realised that it’s because the best EVs in the world are made in China and that’s why there are EV haters.

You still have nothing but guesswork and assumption then...........🤔

[carlyai]

3 hours ago, transam said:

So, are THAI (not farangy) EV buyers off loading them, didn't like the fuss of getting them to actually move, the gas station was easy, where ever you were.........?    🤔

I've been reading a few (all) Thai Sealion 7 FB pages lately and 1 sort of complaint only -seems the front collision camera is an add on, but the Sealion 07 is installed (well I think that's what I read).

Everyone happy.

[Pib]

5 hours ago, transam said:

It would seem Thai banks are fed up with the walk-ers, though not only EV's..........

 

https://www.bangkokpost.com/business/motoring/2860518/thai-ev-sales-to-miss-target-as-banks-curb-loans-on-debt-risk

 

 

Some partial quotes from above Bangkok Bank Sep 2024 article...and  I have added some comments.

 

Quote

New battery-powered passenger EV registrations are seen at 80,000 units this year, said Suraj Sangsnit, president of the Electric Vehicle Association of Thailand. That’s below the 150,000 units forecast by the group earlier this year. The tally is still about 5% more than over 76,000 units sold in 2023.

Guess the Electric Vehicle Assn of Thailand needs to get a new crystal ball as that 150K forecast was surely a WAG.   But at least the actual tally for 2024 may beat 2023 by a little (i.e., growth over last year).

 

 

Quote

Thailand’s auto industry group has cut its full-year production forecast of all vehicles to 1.7 million units this year from 1.9 million units predicted earlier, citing a “worrisome” 50% refusal rate for auto loans. Domestic automobile sales have fallen 24% in the first seven months of the year, according to data from the Federation of Thai Industries (FTI). Sales of EVs have so far buckled the trend to post a 13% growth during the same period.  

ICEV sales are being impacted more than EV sales.  I don't blame the bank's for rejecting loan applications which doesn't meet their income and debt level requirements....ability to repay....etc. 

 

 

Quote

“It’s not that demand is declining, but when you can’t get loans approved, then it’s game over,” said Krisda Utamote, honourary adviser at the EV association. “Our economic situation isn’t looking good. EV sales are at least still up this year, while it’s all decline for the other types of vehicles.” 

ICEV sales are being impacted more than EV sales.   

 

[vinny41]

2 hours ago, Pib said:

 

 

Some partial quotes from above Bangkok Bank Sep 2024 article...and  I have added some comments.

 

Guess the Electric Vehicle Assn of Thailand needs to get a new crystal ball as that 150K forecast was surely a WAG.   But at least the actual tally for 2024 may beat 2023 by a little (i.e., growth over last year).

 

 

ICEV sales are being impacted more than EV sales.  I don't blame the bank's for rejecting loan applications which doesn't meet their income and debt level requirements....ability to repay....etc. 

 

 

ICEV sales are being impacted more than EV sales.   

 

There was 76,314 EV registrations in Thailand for the whole of 2023 , the number of EV sales is approx 90,000

as we can see by Autolife reporting January 8th 2024 which doesn't include EV sales made in December 2023

https://autolifethailand.tv/total-ev-bev-register-2023-thailand/

The registration of electric vehicles in Thailand has seen a remarkable increase, quadrupling to almost 90,000 units per year, which accounts for around 10% of the country’s total vehicle sales

https://www.thailand-business-news.com/china/142274-chinese-automakers-are-ramping-up-electric-vehicle-production-in-thailand

[Pib]

10 hours ago, vinny41 said:

There was 76,314 EV registrations in Thailand for the whole of 2023 , the number of EV sales is approx 90,000

as we can see by Autolife reporting January 8th 2024 which doesn't include EV sales made in December 2023

https://autolifethailand.tv/total-ev-bev-register-2023-thailand/

 

 

Well, if I understand above correctly and considering that the great majority of vehicle buys in Thailand are financed (and just for discussion let's assume all 76K of above mentioned EV registrations for 2023 were financed) then dividing 76,314 registrations by 90,000 reported sales gives almost a 85% loan approval rate which means a15% loan rejection rate.    A loan rejection rate far lower than around 50% that some industry groups keep whining about.  

 

Now maybe EV buyers are better off financially and experience a much lower loan rejection rate than many ICEV buyers.   

 

Maybe a lot of the loan rejections occur for income people (let's say below Bt20K/month) who are trying to buy an ICEV pickup truck or  compact car....lower income folks who simply don't consider buying an EV for whatever reasons.

 

I feel if the banks would release detailed data on loan rejection rates we would see the great, great bulk of rejections apply to lower income applicants with the great, great majority trying to buy a ICEV vehicle such as a pickup truck or compact car.  But that's just a gut feeling I have....can't provide any reference....just the feeling I get from the nature of numerous media releases this year and my own Thai in-laws.

 

While loan rejection is definitely impacting vehicle sales (EV and ICEV) the other two key factors of high household debt level and people being gun-shy of buying right now due to the ongoing vehicles price-war may be bigger factors in comparison to the loan rejection factor as to why vehicles sales have been generally sluggish for the last two years.

 

[Gweiloman]

21 hours ago, transam said:

You still have nothing but guesswork and assumption then...........🤔

Of course only you know why dislike EVs as much as you do but as you have not made a single substantive point on why this is so, we can only guess and assume. Your hatred of China is well known, the frequency with which you bandy about terms like red, commie etc. So it goes to follow (for educated minds of course) that you are more likely than not, to dislike any products being made in that country. 
 

There are lots of reasons to dislike ICEVs such as the air pollution caused, especially by poorly maintained diesel vehicles, the huge number of moving parts, the amount of servicing and maintenance needed to keep it running. On the other hand, there isn’t really anything to dislike about EVs. Sure, some will inevitably bring up the relative lack of range, the time it takes to recharge etc. However these are issues that seem to matter only to anti-EVers. EV owners live very easily with these issues and being able to charge at home is in actuality a benefit and an advantage over an ICEV.

 

If you want to be taken seriously, make one or two posts with actual content…

[transam]

1 minute ago, Gweiloman said:

Of course only you know why dislike EVs as much as you do but as you have not made a single substantive point on why this is so, we can only guess and assume. Your hatred of China is well known, the frequency with which you bandy about terms like red, commie etc. So it goes to follow (for educated minds of course) that you are more likely than not, to dislike any products being made in that country. 
 

There are lots of reasons to dislike ICEVs such as the air pollution caused, especially by poorly maintained diesel vehicles, the huge number of moving parts, the amount of servicing and maintenance needed to keep it running. On the other hand, there isn’t really anything to dislike about EVs. Sure, some will inevitably bring up the relative lack of range, the time it takes to recharge etc. However these are issues that seem to matter only to anti-EVers. EV owners live very easily with these issues and being able to charge at home is in actuality a benefit and an advantage over an ICEV.

 

If you want to be taken seriously, make one or two posts with actual content…

Guessing again, I don't dislike EV's, I just ask questions a make points, if people here want to go on a stomping fit because of it, up to you/them............🤔

 

I didn't much like coal fires, but it was an era we went through, same as petrol and diesel cars now, they will come to an end as did the coal fires, but doesn't stop me asking questions and making points now.....😉

[Gweiloman]

2 minutes ago, transam said:

Guessing again, I don't dislike EV's, I just ask questions a make points, if people here want to go on a stomping fit because of it, up to you/them............🤔

 

I didn't much like coal fires, but it was an era we went through, same as petrol and diesel cars now, they will come to an end as did the coal fires, but doesn't stop me asking questions and making points now.....😉

As far as I can recall, all your posts have been anti EV to some extent or other. But hey, if you say you don’t dislike EVs…

[cdnvic]

A post containing a personal attack and a reply quoting it were removed.

[vinny41]

5 hours ago, Pib said:

 

Well, if I understand above correctly and considering that the great majority of vehicle buys in Thailand are financed (and just for discussion let's assume all 76K of above mentioned EV registrations for 2023 were financed) then dividing 76,314 registrations by 90,000 reported sales gives almost a 85% loan approval rate which means a15% loan rejection rate.    A loan rejection rate far lower than around 50% that some industry groups keep whining about.  

 

Now maybe EV buyers are better off financially and experience a much lower loan rejection rate than many ICEV buyers.   

 

Maybe a lot of the loan rejections occur for income people (let's say below Bt20K/month) who are trying to buy an ICEV pickup truck or  compact car....lower income folks who simply don't consider buying an EV for whatever reasons.

 

I feel if the banks would release detailed data on loan rejection rates we would see the great, great bulk of rejections apply to lower income applicants with the great, great majority trying to buy a ICEV vehicle such as a pickup truck or compact car.  But that's just a gut feeling I have....can't provide any reference....just the feeling I get from the nature of numerous media releases this year and my own Thai in-laws.

 

While loan rejection is definitely impacting vehicle sales (EV and ICEV) the other two key factors of high household debt level and people being gun-shy of buying right now due to the ongoing vehicles price-war may be bigger factors in comparison to the loan rejection factor as to why vehicles sales have been generally sluggish for the last two years.

 

August 2023 

In the beginning, EV buyers were high-purchasing power buyers, resulting in easy approval for EV buyers in the beginning. However, the group has now expanded to include combustion engine users in the energy-saving (eco-car) and multi-purpose (SUV) groups, some of whom have been affected by high household debt and have an impact on loan approval.

Mr. Bao Zhuangfei, General Manager of NETA Auto (Thailand) Co., Ltd., revealed that in the past 2-3 months, the electric vehicle (EV) market in Thailand has slowed down significantly due to the high household debt situation and the continuously increasing non-performing loans rate in the system. As a result, financial institutions have become stricter, causing NETA's loan rejection rate, which is normally 5-10%, to increase to 20%.

https://www.pptvhd36.com/automotive/news/203375

I don't recall any major price reductions on EV's in 2023 other than B50K reduction on Neta V in October 2023

I assume that reduction was due to Neta V sales going to Byd Dolphin in September and October 2023

Registrations numbers for Neta V dipped in September and October 2023 after Dolphin was launched July 2023

https://autolifethailand.tv/total-ev-bev-register-2023-thailand/

If we look at EV prices for 2023 ranging from B400k to B1.6million from the major EV brands in Thailand

and split the sectors into 2 sections

B700K and below

B700K and above

Neta V and Dolphin have a combined market share of 29% of all EV's registered in 2023

The Bank of Thailand explains that the reason for the decline in car loans is due to the deteriorating quality of borrowers, not banks becoming stricter.

. According to the latest data, the 1.55% decrease in car hire-purchase loans in Q1/2024 slowed down more than other types of loans. It was also found that loan rejections increased. However, this is believed to be due to the quality of the borrowers themselves, not due to the tighter lending of banks.

Meanwhile, used cars are under great pressure. The falling prices of used cars have caused the market to stagnate because there is usually a group of buyers who buy new cars by trading in their old cars to get money to pay off the new car. Therefore, when used cars are sold at low prices, buyers have to pay more to buy new cars. Therefore, the ability to buy new cars is reduced.

https://www.infoquest.co.th/2024/409298