Car production in Thailand falls by 15.7% in December, 2.2% in 2023

Car production in Thailand decreased by 15.75% in December 2023 compared to the previous year, marking the fifth consecutive month of decline.

• Car production in Thailand has been declining for five consecutive months, with a significant drop in output of pickup trucks being a key factor.
• The decline in car production in 2023 amounted to 2.22%, attributed to factors such as banks tightening loans for pickup trucks.
• In December, car sales also experienced a substantial decrease of 17.48% compared to the previous year.

This drop was primarily attributed to a decrease in the production of pickup trucks, a key vehicle in Thailand’s automotive industry. The decline in output was linked to banks tightening loans for pickup trucks.

Additionally, car sales in December also saw a significant decrease of 17.48% from the previous year.

Thailand, known as Southeast Asia’s largest autos production center and an export base for major carmakers like Toyota and Honda, produced 1.84 million cars in 2023, reflecting a 2.22% decline from the previous year.