Thailand’s auto sales forecast to fall this year

Vehicles are on display at the 45th Bangkok International Motor Show (Photo: bangkokpost.com)

Bangkok (VNA) - Thailand's car manufacturing target for 2024 may be downgraded as production continues to decline, with a sluggish economy affecting car sales, according to the Federation of Thai Industries (FTI).

Earlier this year, the federation set the production target of 1.9 million cars, a year-on-year rise of 3.15%, of which 1.15 million will be for export and 750,000 for domestic sales.

Last month, total car manufacturing decreased by 11% to 104,667 units, especially in the pickup segment, which plunged 45.9%, while the passenger car segment fell by 5%.

Surapong Paisitpatanapong, vice-chairman of the FTI and spokesman for its Automotive Industry Club attributed the fall to a weak economy and banks’ tightening of car loan criteria to avoid non-performing loans.

During January-April, car production dove by 17% year-on-year to 518,790 units, and auto sales and exports fell by 23.9% and 3.6% year-on-year to 210,494 units and 340,685 units, respectively./.

VNA