Thai government pays nearly $1b for first-car buyer scheme

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BKK trafficThe Thai government paid about 30 billion baht (around $976 million) to 500,000 people who bought cars under the government’s first-car scheme out of 1.25 million people who had registered, the Excise Department said on October 18 in a report by The Nation.

The government initially has reserved an amount of 90 billion baht, or $2.9 billion, to cover the tax refund claims from the car buyers. The number has been revised to 70 billion baht ($2.25 billion) in August.

The remaining 40 billion baht are reserved for 2014, the department said.

The number of those who have not received their cars yet dropped to 104,000 from 130,000 earlier. Preorders continue to rise, but financing has become more stringent. About 20-30 per cent of total preorders failed to pass credit approval.

Meanwhile, Thailand’s car production in the fourth quarter of 2013  is expected to hit 600,000 units with the prospect of production during the year exceeding 2.55 million units.

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Reading Time: 1 minute

The Thai government paid about 30 billion baht (around $976 million) to 500,000 people who bought cars under the government’s first-car scheme out of 1.25 million people who had registered, the Excise Department said on October 18 in a report by The Nation.

Reading Time: 1 minute

BKK trafficThe Thai government paid about 30 billion baht (around $976 million) to 500,000 people who bought cars under the government’s first-car scheme out of 1.25 million people who had registered, the Excise Department said on October 18 in a report by The Nation.

The government initially has reserved an amount of 90 billion baht, or $2.9 billion, to cover the tax refund claims from the car buyers. The number has been revised to 70 billion baht ($2.25 billion) in August.

The remaining 40 billion baht are reserved for 2014, the department said.

The number of those who have not received their cars yet dropped to 104,000 from 130,000 earlier. Preorders continue to rise, but financing has become more stringent. About 20-30 per cent of total preorders failed to pass credit approval.

Meanwhile, Thailand’s car production in the fourth quarter of 2013  is expected to hit 600,000 units with the prospect of production during the year exceeding 2.55 million units.

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