Asia Tech Wire (Aug 5) -- Sales of premium electric cars in Thailand fell 35% year-on-year in the first half of this year, according to the Bangkok Post.

Khun Krisda Utamote, former president of the Electric Vehicle Association of Thailand (EVAT) and director of corporate communications for BMW Group Thailand, noted that sales of premium electric vehicles fell to 3,844 units from January to June this year.

This was mainly due to stricter criteria for banks to grant auto loans, which affected people's purchasing power, while the economic slowdown also hit the auto industry.

BMW sold 950 cars in Thailand in the first half of the year, with electric models accounting for half of that.

Overall sales of premium cars, including electric and internal combustion engine vehicles, also fell 25% year-on-year to 16,000 units in Thailand in the first half of the year.

In contrast, sales in Thailand's premium car market grew 25% year-on-year to 40,406 units in 2023, up from 32,325 units in 2022.

EVAT expects the economy to turn around in the second half of 2024, driven by tourism development and the government's accelerated budget spending for FY2024.