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EV makers offer deep discounts as Thai auto market weakens

BANGKOK -- Signs of economic weakness in Thailand hang over Bangkok's biannual motor show as it opened on Wednesday. Automakers and dealers fear a triple blow to demand from high consumer debt, tighter financing conditions and supply flooding into Southeast Asia's second largest car market.

Car sales in Thailand fell by 26.15% in January and February as 18,000 fewer units were sold compared to the same period in 2023. Although sales of hybrid and fully electric cars increased, the uptick did not make up for the drop in sales of internal combustion vehicles, according to data released on Tuesday by the Federation of Thai Industries.