PUBLISHED: 23 Jul 2024 at 07:06
In a challenging market, premium electric vehicle (EV) sales in Thailand dropped by 35% year-on-year in the first half of 2024. However, BMW remains optimistic about its future, particularly with the launch of new Mini models in Bangkok that aim to captivate consumers.
According to industry expert insights, premium EV sales fell to 3,844 units from January to June this year. Factors contributing to this decline include tightened auto loan criteria from banks and a broader economic slowdown affecting purchasing power.
Overall premium car sales, encompassing both EVs and traditional combustion-engine vehicles, also declined by 25% year-on-year to 16,000 units. This decrease starkly contrasts with the 25% growth seen in 2023, where sales rose to 40,406 units from 32,325 units in the previous year.
Industry analysts project a potential recovery for the automotive market in the latter half of 2024, driven by a resurgence in tourism and the government’s accelerated fiscal budgetary spending.
As BMW Group Thailand launched new Mini models, including the fully electric Mini Countryman SE, the company is looking forward to revitalizing consumer interest despite the current economic challenges.
In the first six months of 2024, BMW Group Thailand reported over 40% growth in its own EV sales, with 950 vehicles registered.
The president of BMW Group Thailand expressed that there are no specific sales targets for Mini cars at this time, as performance will be closely tied to evolving market conditions.
With competitive pricing tailored to the current economic landscape, BMW is confident that its Mini offerings will resonate well with Thai consumers. Additionally, the company is channeling investments into EV manufacturing in China to support exports to Thailand under favorable trade agreements.
