Passenger car and SUV sales skyrocket on the back of government EV subsidies, while the struggling pickup sector awaits a stimulus from the new government.
The Thai automotive industry has kickstarted the “Year of the Horse” with a remarkable 53.77% surge in year-on-year sales for January 2026.
The growth was primarily propelled by a record-breaking influx of electric vehicle (EV) deliveries, though the heavy-duty pickup sector continues to flounder amidst tightening credit conditions.
According to data released on Tuesday by the Automotive Industry Club of the Federation of Thai Industries (FTI), domestic vehicle sales reached 73,936 units.
The spike is attributed to the final delivery phase of the government’s ‘EV 3.0’ subsidy scheme and the transition into ‘EV 3.5’, which mandates a 2:1 domestic production offset. This regulatory push saw sales in the passenger car and SUV segments soar by 76.2% and 93.6% respectively.
In stark contrast to the electric boom, the pickup truck market—traditionally the backbone of the Thai economy—contracted by 5.5%. Industry analysts point to a “perfect storm” of sluggish domestic growth and diminished consumer purchasing power.
