Insights
23 Apr 2024, New Chinese EV manufacturer Chery to invest in Thailland - Chery Automobile, a leading Chinese EV manufacturer, has been granted privileges by Thailand's Board of Investment to establish a production facility in Thailand, becoming the eighth Chinese EV maker to do so after BYD, MG, Great Wall Motor, Changan Automobile, GAC Aion, NETA, and Foton. The move aims to meet domestic demand for right-hand drive EVs and export to ASEAN, Australia, and the Middle East. Chery plans to start with a factory in Rayong province by 2025, producing 50,000 units annually, expanding to 80,000 units by 2028. The company will market its EVs under the Omoda and Jaecoo brands in Thailand, with a focus on SUV models. This aligns with Thailand's ambition to become a regional EV manufacturing hub under the 30@30 target, aiming for 30% of automotive production to be zero-emission vehicles by 2030.
10 Apr 2024, Thailand's central bank keeps policy rate at 2.5% - The Bank of Thailand's Monetary Policy Committee (MPC) decided to maintain the policy rate at 2.5%, consistent with its previous decisions. Although two members voted for a rate cut, the majority believed the current rate supports macro-financial stability, given limited effectiveness in addressing structural challenges. Economic growth is expected to improve in 2024, supported by private consumption, tourism, and public expenditure. However, sluggish export recovery and structural impediments remain concerns. Inflation is projected to gradually return to target, with stable financial conditions noted. While some groups face tighter credit conditions, the MPC emphasizes the importance of debt deleveraging. The baht's volatility against the US dollar is monitored closely. The MPC will continue to assess economic uncertainties and inflation outlooks in shaping future monetary policy decisions.