Sales of premium electric vehicles (EVs) in Thailand plunged 35% year-on-year during the first half of this year, but German luxury car maker BMW remains positive about its EV sales, with newly launched models in the Mini family in Bangkok expected to thrill the public. The drop in premium EV sales to 3,844 units between January and June this year was noted by Krisda Utamote, former president of the Electric Vehicle Assocation of Thailand (EVAT) and BMW Group Thailand’s director for corporate communications. “This mainly resulted from banks’ stricter criteria in granting auto loans which affected people’s purchasing power and the economic slowdown which impacted the automotive industry,” said Mr Krisda.
Overall car sales, including both EVs and internal combustion engine-powered vehicles, in the premium car category also decreased by 25% year-on-year to 16,000 units, he said. This contrasts sharply with total sales in the same segment in 2023, which saw a 25% year-on-year increase to 40,406 units, up from 32,325 units in 2022. The EVAT anticipates an economic upturn in the latter half of 2024, propelled by the tourism sector and the government’s accelerated expenditure of its fiscal 2024 budget.
“The automotive industry is hopeful that these factors will contribute to an improvement in the economy compared to the first half of this year,” said Mr Krisda. He was speaking as BMW Group Thailand introduced new Mini models to the Thai market, including the fully electric Mini Countryman SE. The company sells BMW and Mini cars as well as motorcycles under the BMW Motorrad brand in Thailand.
Between January and June, BMW Group Thailand saw a surge in EV sales, exceeding 40%. A total of 950 EVs were registered throughout this six-month span. Rene Gerhard, president and chief executive of BMW Group Thailand, said the company has not yet set a sales target for Mini cars in Thailand as it depends on market conditions amid the current economic climate.
“We believe Mini cars will appeal to Thai customers as their pricing aligns with the economic situation,” he said. BMW allocated its investment budget to the firm’s EV manufacturing plant in China which produces EVs, including Mini cars, for export from China to Thailand under the Asean-China Free Trade Agreement..
