According to the Federation of Thai Industries (FTI), car production in Thailand declined by 11.02% in April compared to the same period last year, totaling 104,667 units. This decrease followed a 23.08% year-on-year drop in March, with April experiencing extended holidays, as highlighted by the FTI.
For the first four months of the year (January-April), car production saw a 17.05% contraction year-on-year, amounting to 518,790 units. The decline in production has been attributed to reduced output of pick-up trucks due to decreased demand resulting from stricter auto loan conditions imposed by financial institutions.
In terms of domestic sales, there was a 21.49% decline in April compared to the previous year, following a 29.83% drop in the preceding month, stated the federation. Thailand serves as Southeast Asia’s primary automotive manufacturing hub and a major export center for leading automakers like Toyota and Honda, with pickup trucks being among the key products manufactured.
The FTI has forecasted car production to reach 1.9 million vehicles this year, in contrast to the 1.84 million vehicles produced in 2023.
