Thailand’s automobile output down 25.5% in September
The Federation of Thai Industries (FTI) on Thursday reported that automobile production in the country fell 25.5% in September from a year earlier.
Thailand’s automobile output down 25.5% in September 2024. Photo courtesy of Bloomberg.
The sharp reduction reflects a slump in domestic sales as lenders tighten credit conditions.
Non-performing loans for cars reached 254 billion THB (7.5 billion USD) in the second quarter of 2024, up 29.7% year-on-year, the FTI said earlier.
According to Surapong Paisitpattanapong, a spokesman for the federation’s automotive division, car sales in the Southeast Asian nation dropped 37.1% to 117,000 units in September, while exports were down 10.8% in the month from a year earlier due to economic issues among trading partners and the impact of the conflict in the Middle East.
Thailand is Southeast Asia’s biggest auto production center and an export base for some of the world’s top carmakers, including Toyota and Honda.
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