Vehicle production for export decreased by 6.62%. Local sales dropped 24.98%. Financial constraints affect car loans, yet experts remain hopeful for improved domestic sales due to government handouts.
Surapong Phaisitpattanapong, advisor and spokesman of the FTI’s automobile club, reported that 119,680 vehicles were manufactured in August, indicating a 20.56% year-on-year decrease and a 4.12% decline from the previous month.
Locally, sales dropped significantly, with only 45,190 vehicles sold in August, marking a 24.98% decrease year on year and a 2.60% decline from July. Surapong attributed this slump to stricter lending criteria by banks and financial institutions.
Despite these challenges, there is optimism for improvement in domestic sales during the last quarter. Surapong believes that the 10,000-baht handout and upcoming government spending from the 2025 fiscal budget will positively impact the economy.
Source : Thailand’s vehicle production, sales plummet over 20% in August
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