Krungsri Auto targets 1/3 EV lending market share amid 203% growth forecast

Image via Facebook Krungsri Auto

Krungsri Auto, a leading automotive finance company under the Bank of Ayudhya, is targeting a one-third market share in electric vehicle (EV) lending this year. The firm anticipates a 6% decline in new motorcycle sales, amounting to 1.7 million units, mainly due to a high base effect. Out of these, 30,000 units are expected to be electric motorcycles, an increase of 203%, according to Chayathip Phanmanee, managing director of Ayudhya Capital Auto Lease Plc under the Krungsri Auto marketing brand.

Krungsri Auto is aiming to earn a market share of 2,000 units from the 6,000 electric motorcycle purchasers expected to opt for loans. The company has unveiled two business strategies to respond to the preferences of automobile users, including providing comprehensive EV loan solutions across all segments, brands, and models, and exploring new partnership opportunities within the EV industry through the expansion of its mobility ecosystem on the GO Application by Krungsri Auto.

EV lending
Image via Facebook Krungsri Auto

The firm leads the industry in auto lending with a loan portfolio worth 37 billion baht. It plans to grow new car loans to 19.3 billion baht this year, down by 3% compared to last year, in line with the estimated 3.94% decrease in new car sales from the previous year. Chayathip Phanmanee stated that rising interest rates would not impact the company’s auto loan growth this year, and if the central bank hikes the policy rate to 2%, the company would maintain a fixed interest rate for auto loans, reports Bangkok Post.

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