Krungsri Auto predicts minimal growth in new auto loans despite EV boom

[webfact]

 

Krungsri Auto, Thailand’s leading auto loan provider, predicts a mere 0.4% increase in its new auto loans for 2024, despite the anticipated boom in electric vehicle (EV) sales at the upcoming 45th Bangkok International Motor Show. This forecast was shared by Congsin Congcar, the head of Krungsri Auto Group, after the company issued over 223 billion baht in new auto loans last year.

 

The Federation of Thai Industries has indicated that stringent auto loan criteria are likely to persist due to concerns about high household debt levels, leading to a high loan rejection rate. However, Krungsri Auto secured a 50% market share in new EV loans last year, according to Congcar.

 

The Bangkok International Motor Show, scheduled to commence on March 27th at the Impact Exhibition Center, is expected to host a number of new EV manufacturers presenting their vehicles for the first time. Among them are Vinfast, a Vietnamese firm launching battery-powered sports utility vehicles and an electric pickup concept, and Changan, a Chinese EV maker presenting their new ‘Lumin Mini EV’ model.

Jaturont Komolmis, Chief Operating Officer of Grand Prix International, the event’s organiser, anticipates a 12% rise in both visitors and exhibitors from the previous figure of over 1.6 million. Furthermore, the number of car brands is expected to increase from 40 to 49.

Prachin Eamlumnow, Chief Executive of Grand Prix International and chairman of the 45th Bangkok International Motor Show, asserts the return of visitor and exhibitor numbers to pre-pandemic levels is a positive indication for the Thai industry. However, he remains cautious about predicting the number of car bookings for this year’s show, given the multiple contributing factors.

 

For context, the 2023 event witnessed a total of 40,000 car bookings, reported Bangkok Post.

 

In related news, battery electric vehicle (BEV) sales in Thailand surged by 603% in 2023, driven by state incentives and promising market growth, despite Apple’s withdrawal from EV manufacturing efforts.

 

by Alex Morgan 

Photo courtesy of Pattarapong Chatpattarasill

 

Full story: The Thaiger 2024-03-13

 

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[flyingtlger]

EV's are over rated and too expensive for most Thai folks.....

[Henryford]

EV boom - is that when they burst into flames?

[JBChiangRai]

23 minutes ago, flyingtlger said:

EV's are over rated and too expensive for most Thai folks.....

 

I wouldn't say 499k THB for a family soon is too expensive.

 

3 minutes ago, Henryford said:

EV boom - is that when they burst into flames?

 

Petrol and Diesel cars are between 10 and 140 times more likely to burst into flames.

[Gweiloman]

23 minutes ago, flyingtlger said:

EV's are over rated and too expensive for most Thai folks.....

The folks I know can easily afford million plus baht cars… Guess it’s different out in Nakhon Nowhere.

[connda]

52 minutes ago, Gweiloman said:

The folks I know can easily afford million plus baht cars… Guess it’s different out in Nakhon Nowhere.

And therefore they don't need a loan.

[ExpatOilWorker]

1 hour ago, webfact said:

battery electric vehicle (BEV) sales in Thailand surged by 603% in 2023, driven by state incentives and promising market growth

BEV sales are down 35.6% y-o-y in February 2024.

There, fixed for you.

[Bandersnatch]

1 hour ago, flyingtlger said:

EV's are over rated and too expensive for most Thai folks

 

"EV's are over rated"

Based on your extensive knowledge of EVs - oh yes you actually know bugger all about EVs just talking out of your ...

 

"too expensive for most Thai folks"

You could argue that any new vehicle is too expensive for most Thai Folks, but as you can buy an EV in Thailand for less than a Suzuki Swift you can't claim that they "Too Expensive"

 

 

[ExpatOilWorker]

6 minutes ago, Bandersnatch said:

 

"EV's are over rated"

Based on your extensive knowledge of EVs - oh yes you actually know bugger all about EVs just talking out of your ...

 

"too expensive for most Thai folks"

You could argue that any new vehicle is too expensive for most Thai Folks, but as you can buy an EV in Thailand for less than a Suzuki Swift you can't claim that they "Too Expensive"

 

 

Now that we know you love Suzuki,  think big and get a Ciaz for 378,000 baht.

EVs are yester-years news. Time to move on.

 

[Bandersnatch]

32 minutes ago, ExpatOilWorker said:

BEV sales are down 35.6% y-o-y in February 2024.

There, fixed for you.

 

So some Feb 2024 sales were dragged into January with EV incentives being reduced, big deal. The YTD figure are way up

 

 

 

 

 

 

 

 

[Bandersnatch]

9 minutes ago, ExpatOilWorker said:

Now that we know you love Suzuki,  think big and get a Ciaz for 378,000 baht.

 

 

Suzuki had to do something about the Ciaz, they can't give it away.

 

Thanks to @Pib for the figures

 

[JBChiangRai]

1 hour ago, ExpatOilWorker said:

BEV sales are down 35.6% y-o-y in February 2024.

There, fixed for you.

 

One Swallow does not a Summer make.

[edwinchester]

1 hour ago, connda said:

And therefore they don't need a loan.

Sometimes it pays to get a loan. A while ago the car I wanted was available on 0% interest. I tried to get a loan so I could leave the lump sum in the bank earning interest. 'Sorry don't lend to farang' despite long-term visa and pension well over immigration requirements. Cash it was and the bank missed out on some business.

[vinny41]

30 minutes ago, Bandersnatch said:

 

 

Suzuki had to do something about the Ciaz, they can't give it away.

 

Thanks to @Pib for the figures

 

The same could be said about EV's

However, for the provinces with the lowest number of EV vehicle registrations last year, Mae Hong Son Province, 1 vehicle

and not much better in other provinces

Number 4 is Songkhla Province with 1,614 cars, Khon Kaen 1,409 cars, Rayong 1,283 cars, Ubon Ratchathani 1,190 cars, Surat Thani 1,177 cars, Phuket 1,039 cars and Udon Thani 965 cars.

https://www.newsdirectory3.com/analysis-of-electric-vehicle-registrations-in-thailand-and-expansion-of-charging-stations/

[Bandersnatch]

15 minutes ago, vinny41 said:

The same could be said about EV's

The Ciaz sold only 26 units in Feb, it was outsold by most EVs, proving your statement incorrect as usual. 

[vinny41]

4 minutes ago, Bandersnatch said:

The Ciaz sold only 26 units in Feb, it was outsold by most EVs, proving your statement incorrect as usual. 

That 26 Ciaz's sold in 1 month compared to 1 EV sold in  Mae Hong Son Province sold for the whole of 2023

it reminds me of Matt Lucas's character Dafydd Thomas, 'the only gay in the village

clearly once you step outside of Bangkok, There is little interest in EV's 

second place is Chiang Mai, with 3,083 vehicles, and in third place is Chonburi, with 2,392 vehicles.

Number 4 is Songkhla Province with 1,614 cars, Khon Kaen 1,409 cars, Rayong 1,283 cars, Ubon Ratchathani 1,190 cars, Surat Thani 1,177 cars, Phuket 1,039 cars and Udon Thani 965 cars

https://www.newsdirectory3.com/analysis-of-electric-vehicle-registrations-in-thailand-and-expansion-of-charging-stations/

[ExpatOilWorker]

1 hour ago, JBChiangRai said:

 

One Swallow does not a Summer make.

The months to come.. 

 

[Bandersnatch]

42 minutes ago, vinny41 said:

That 26 Ciaz's sold in 1 month compared to 1 EV sold in  Mae Hong Son Province

Your argument is spurious 

[vinny41]

4 minutes ago, Bandersnatch said:

Your argument is spurious 

But true number of ev's sold in Mae Hong Son Province in 2023 is 1 

and once you go outside of Bangkok EV sales

 

 Chiang Mai, with 3,083 vehicles, and in third place is Chonburi, with 2,392 vehicles.

Number 4 is Songkhla Province with 1,614 cars, Khon Kaen 1,409 cars, Rayong 1,283 cars, Ubon Ratchathani 1,190 cars, Surat Thani 1,177 cars, Phuket 1,039 cars and Udon Thani 965 cars

https://www.newsdirectory3.com/analysis-of-electric-vehicle-registrations-in-thailand-and-expansion-of-charging-stations/

[vinny41]

Number of cumulative sales of each brand, January - December 2023

Number 1: Toyota, sales of 265,949 vehicles Market share 34.3%

Number 2: Isuzu, sales of 151,935 units Market share 19.6%

Number 3: Honda, sales of 94,336 units Market share 12.2%

Number 4: Ford, sales of 36,483 units Market share 4.7%

Number 5: Mitsubishi, sales of 32,668 units Market share 4.2%

https://www.headlightmag.com/2024-01-10-sales-report-2023/

 

Number 6: BYD, sales of 30,432 vehicles Market share 3.9%

[JBChiangRai]

3 hours ago, vinny41 said:

 

clearly once you step outside of Bangkok, There is little interest in EV's 

 

 

That's a totally untrue statement.

 

Chiang Rai town sports 2 MG dealerships, 2 BYD dealerships, 1 ORA dealership, 1 Deepal dealership and a NETA dealership.

 

Those dealers have done their research and they totally disagree with your statement.

[yankee99]

Id really like to get one but whatever id save on fuel the insurance would kill it.  4x more than my current combustion vehicle 

[vinny41]

42 minutes ago, JBChiangRai said:

 

That's a totally untrue statement.

 

Chiang Rai town sports 2 MG dealerships, 2 BYD dealerships, 1 ORA dealership, 1 Deepal dealership and a NETA dealership.

 

Those dealers have done their research and they totally disagree with your statement.

my statement is supported by a media link your statement is supported by empty nothing

highest number of registrations is Bangkok, with 52,751 vehicles,

which means 69% of all EV's sold last year was sold in the  Bangkok area

31% were sold in the rest of the country

Chiang Mai, with 3,083 vehicles, and in third place is Chonburi, with 2,392 vehicles.

Number 4 is Songkhla Province with 1,614 cars, Khon Kaen 1,409 cars, Rayong 1,283 cars, Ubon Ratchathani 1,190 cars, Surat Thani 1,177 cars, Phuket 1,039 cars and Udon Thani 965 cars

https://www.newsdirectory3.com/analysis-of-electric-vehicle-registrations-in-thailand-and-expansion-of-charging-stations/

Edited March 13 by vinny41
add

[Bandersnatch]

3 hours ago, vinny41 said:

But true number of ev's sold in Mae Hong Son Province in 2023 is 1 

and once you go outside of Bangkok EV sales

 

 Chiang Mai, with 3,083 vehicles, and in third place is Chonburi, with 2,392 vehicles.

Number 4 is Songkhla Province with 1,614 cars, Khon Kaen 1,409 cars, Rayong 1,283 cars, Ubon Ratchathani 1,190 cars, Surat Thani 1,177 cars, Phuket 1,039 cars and Udon Thani 965 cars

https://www.newsdirectory3.com/analysis-of-electric-vehicle-registrations-in-thailand-and-expansion-of-charging-stations/

What @vinny41 doesn’t seem to understand about new vehicle registrations in Thailand is that the first registration is done by the dealer in the province where the dealership is located.

 

I live in Surin, that has MG and GW dealerships. My first EV was an MG and was registered in Surin, but my BYD was registered in Buriram by the dealer.

 

All the list of registrations above tell us is where most dealerships are located not where the EV owners actually live.

 

So yet again a completely pointless post.

[Thingamabob]

7 hours ago, JBChiangRai said:

 

I wouldn't say 499k THB for a family soon is too expensive.

 

 

Petrol and Diesel cars are between 10 and 140 times more likely to burst into flames.

Utter rubbish.

[vinny41]

5 minutes ago, Bandersnatch said:

What @vinny41 doesn’t seem to understand about new vehicle registrations in Thailand is that the first registration is done by the dealer in the province where the dealership is located.

 

I live in Surin, that has MG and GW dealerships. My first EV was an MG and was registered in Surin, but my BYD was registered in Buriram by the dealer.

 

All the list of registrations above tell us is where most dealerships are located not where the EV owners actually live.

 

So yet again a completely pointless post.

I always stated the listings were provinces where the vehicles were registered it was you that posted where the EV owners actually live and still no supporting evidence from anyone to dispute my posts

[JBChiangRai]

31 minutes ago, vinny41 said:

my statement is supported by a media link your statement is supported by empty nothing

highest number of registrations is Bangkok, with 52,751 vehicles,

which means 69% of all EV's sold last year was sold in the  Bangkok area

31% were sold in the rest of the country

Chiang Mai, with 3,083 vehicles, and in third place is Chonburi, with 2,392 vehicles.

Number 4 is Songkhla Province with 1,614 cars, Khon Kaen 1,409 cars, Rayong 1,283 cars, Ubon Ratchathani 1,190 cars, Surat Thani 1,177 cars, Phuket 1,039 cars and Udon Thani 965 cars

https://www.newsdirectory3.com/analysis-of-electric-vehicle-registrations-in-thailand-and-expansion-of-charging-stations/

 

The sales are probably closely related to population at each town, your post means nothing

[JBChiangRai]

10 minutes ago, Thingamabob said:

Utter rubbish.

 

Which part, the fact that Neta V is 499k or that EV's are between 10 and 140 times less likely to catch fire than ICE cars?

 

Get ready for my next post with links backing up those claims

[BenStark]

36 minutes ago, vinny41 said:

Chiang Mai, with 3,083 vehicles, and in third place is Chonburi, with 2,392 vehicles.

 

4 minutes ago, JBChiangRai said:

The sales are probably closely related to population at each town, your post means nothing

 

You mean Chiang Mai and Chonburi are sparsely populated provinces?

[Bandersnatch]

17 minutes ago, vinny41 said:

I always stated the listings were provinces where the vehicles were registered it was you that posted where the EV owners actually live and still no supporting evidence from anyone to dispute my posts

It’s a pointless post. If you want a Tesla, you have to go to BKK. There are only 2 dealerships in Isaan for BMWs. A list of where EVs are registered tells us nothing. 

Edited March 13 by Bandersnatch