Thailand is contemplating a pickup truck trade-in program to stimulate sales in its automotive sector, Finance Minister Pichai Chunhavajira announced on Monday. The proposed scheme would allow owners of pickup trucks aged 20-25 years to trade them in for newer models with a tax discount. “Discussions have already begun with relevant parties,” Pichai told reporters, though he did not provide further details.
Domestic car sales in Thailand, a major automobile production hub in Southeast Asia, saw a slight increase in April for the first time in nearly two years. However, pickup truck sales continued to decline due to stricter credit conditions amid rising household debt. In February, Reuters reported that Thailand was in preliminary discussions with automakers about introducing a car trade-in and scrapping scheme to revitalize the industry, which is facing its most significant crisis in decades.
Thailand serves as Southeast Asia’s largest automobile production center and is an export base for prominent global car manufacturers such as Toyota, Honda, and China’s BYD. Pichai also mentioned plans to introduce measures aimed at providing more debt relief and stabilizing local energy prices. He expressed confidence that domestic energy prices would remain unaffected if tensions in the Middle East do not persist. Additionally, Pichai stated that there have been no reports of unusual capital flows in Thailand.
