BANGKOK, Jul 26 (NNN-TNA) – Thailand’s auto production recorded a further decline in June, due to lower output for domestic sales and exports, amid a sluggish economy, data from the Federation of Thai Industries (FTI) showed, yesterday.
Thai auto manufacturers produced 116,289 vehicles in June, down 20.11 percent from a year earlier, and accelerating from a 16.19-percent drop in May, according to the FTI.
For the first half of 2024, auto production fell 17.39 percent over the previous year to, 761,240 units, said Surapong Paisitpattanapong, FTI’s automotive industry club vice president and spokesperson.
Domestic auto sales plunged 26.04 percent year-on-year to 47,662 units in June, as banks tightened lending standards on the back of high household debts, leading to a higher rejection rate for auto loans, Surapong told a news conference.
The country’s finished car exports inched up 0.28 percent from a year earlier to 89,071 units in June, buoyed by growth in trade partner economies, the FTI said.
The federation slashed its auto production target for 2024 to 1.7 million units, from 1.9 million units expected earlier, weighed down by a lower projection on output for domestic sales.– NNN-TNA
