Data released on Thursday revealed that as the worldwide scarcity of semiconductors eased in October, vehicle manufacturing and exports in Thailand increased.
In October, production of automobiles in Thailand increased by 10.83 percent year-over-year to 170,717 units, with 57.13 percent destined for export, as reported by the Federation of Thai Industries (FTI).
In the first 10 months of this year, more than 1.53 million vehicles were produced, an increase of 12.36 percent year over year, according to Surapong Paisitpattanapong, vice president and spokesman of the FTI auto club. He added that production of passenger cars increased dramatically as manufacturers received more semiconductors.
If there is no disruption in the supply of semiconductors, Surapong predicts that the number of cars produced this year will exceed the yearly goal of 1.75 million.
According to FTI data, between January and October, 800,672 completed vehicles were exported, representing a year-over-year increase of 5.48 percent and a value of 497.28 billion baht ($13.89 billion).
Sales of electric vehicles in Thailand have been bolstered by government subsidies. Surapong reported a 288.89 percent year-over-year rise in the number of registrations for battery electric vehicles (BEVs) in October.