The Federation of Thai Industries (FTI) indicates that auto production and sales in February posted sharp declines due to weakening purchasing power of car buyers and tighter loan regulations imposed by banks.
According to Surapong Paisitpattanapong, Vice Chairman and Spokesman of the FTI’s Automotive Industry Club, almost 174,000 cars were manufactured in Thailand in February 2014, decreasing 24.3 percent from the same month of last year.
All types of vehicles saw shrinkage in production; however, the biggest drop of nearly 60 percent was seen in trucks. About 190,000 motorcycles were produced, down 17.52 percent year-on-year, representing a decline for the 10th consecutive month.
As for domestic distribution in February, Surapong said only 71,700 units were sold, almost 45 percent less than the previous year, while sales of motorbikes also dropped 15.51 percent to 150,000 units.
The contractions in both production and sales were attributed to the expiration of the government’s first-car buyer scheme, coupled with high household debt and more prudence among financial institutions in giving out loans.
Car production for the entire year of 2014 is estimated at 2.4 million units, down 2.32 percent from the year before.-VNA
According to Surapong Paisitpattanapong, Vice Chairman and Spokesman of the FTI’s Automotive Industry Club, almost 174,000 cars were manufactured in Thailand in February 2014, decreasing 24.3 percent from the same month of last year.
All types of vehicles saw shrinkage in production; however, the biggest drop of nearly 60 percent was seen in trucks. About 190,000 motorcycles were produced, down 17.52 percent year-on-year, representing a decline for the 10th consecutive month.
As for domestic distribution in February, Surapong said only 71,700 units were sold, almost 45 percent less than the previous year, while sales of motorbikes also dropped 15.51 percent to 150,000 units.
The contractions in both production and sales were attributed to the expiration of the government’s first-car buyer scheme, coupled with high household debt and more prudence among financial institutions in giving out loans.
Car production for the entire year of 2014 is estimated at 2.4 million units, down 2.32 percent from the year before.-VNA
