Thailand EV boom drives auto market in 2025

Spanish Market: Battery materials, Metals
29/01/26

Thailand's auto output reached over 1.455mn units in 2025, exceeding its target, while battery electric vehicle (EV) registrations jumped by more than 50pc on the year, according to the Federation of Thai Industries (FTI).

The vehicle production figure surpassed the target of 1.45mn units, although it still fell short of the previous year's output by 0.9pc, FTI said on 28 January. The 2026 target has been set at 1.5mn vehicles alongside 2mn motorcycles, supported by expectations of falling interest rates, strong foreign investment and an expanding EV market.

Internal combustion engine passenger car production fell sharply by 29pc on the year to almost 248,000 units in 2025, as electrification momentum in the segment accelerated. Battery-electric passenger vehicle (BEV) production more than doubled on the year to 71,000 units. Hybrid passenger EV output rose by 12pc on the year to slightly over 214,000 units, while plug-in hybrid passenger EV production more than doubled to nearly 17,300 units.

BEV registrations during the year rose sharply by nearly 53pc on the year to around 147,500 units, outpacing the nearly 137,600 units of hybrid EV registration. But cumulative hybrid EV registrations remain far higher at 605,000 units, compared with 372,600 units for BEVs.

Major Chinese EV brands in Thailand have continued offering price cuts to entice buyers. A 200,000 Thai baht ($6,434), or 19pc, discount is being offered this year on major EV brand BYD's Atto 3 model, an advertisement by BYD's Chonburi showroom shows. A car dealer's January price list shows a 160,000 baht, or nearly 23pc, discount on Chinese EV brand SAIC's MG4 Electric D model.

Thailand is also a major producer of pickup trucks, which account for the majority of its auto production, while electric trucks remain scarce. The country produced around 571,900 double-cab pickup trucks in 2025, but only 555 battery-powered double-cab pickup trucks.

Thailand's National EV Policy Board earlier approved policy changes in an effort to avert a potential domestic EV supply glut.

By Joseph Ho

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28/01/26

Brazil central bank holds target rate at 15pc

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US Fed holds target rate unchanged: Update

28/01/26

US Fed holds target rate unchanged: Update

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28/01/26

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