The ′First Car′ tax break scheme enacted by the government has resulted in at least 160,000 order cancellations, according the Automotive Industry Club.
Surapong Paisithpattanapong, the organization’s vice president and spokesperson, said the orders were made during the height of the government initiative, which slashed taxes for individuals who were buying their first cars. The scheme was enacted in order to boost the auto-mobile industry.
Today many of those buyers have cancelled their orders because they simply could not pay or their loan requests were rejected by their banks.
To date over one million orders have been completed.
The Automotive Industry Club Vice President advised auto companies to change their marketing plans and reduce productivity since the acceleration of the domestic consumption under the first car scheme had distorted market demands and caused a surplus of 100,000 cars, Khaosod reported.
