Thailand’s auto sales forecast to fall this year

By VNA   May 25, 2024 | 02:29 am PT
Thailand’s auto sales forecast to fall this year
Cars in traffic in Bangkok, Thailand. Photo by Pexels
Thailand's car manufacturing target for 2024 may be downgraded as production continues to decline, with a sluggish economy affecting car sales, according to the Federation of Thai Industries (FTI).

Earlier this year, the federation set the production target of 1.9 million cars, a year-on-year rise of 3.15%, of which 1.15 million will be for export and 750,000 for domestic sales.

Last month, total car manufacturing decreased by 11% to 104,667 units, especially in the pickup segment, which plunged 45.9%, while the passenger car segment fell by 5%.

Surapong Paisitpatanapong, vice-chairman of the FTI and spokesman for its Automotive Industry Club attributed the fall to a weak economy and banks’ tightening of car loan criteria to avoid non-performing loans.

During January-April, car production dove by 17% year-on-year to 518,790 units, and auto sales and exports fell by 23.9% and 3.6% year-on-year to 210,494 units and 340,685 units, respectively.

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