According to the Federation of Thai Industries, car production in Thailand witnessed a 12.46% decrease in January compared to the previous year, with 142,102 units manufactured. The decline was attributed to a slowdown in domestic sales, which dropped by 16.4% year-on-year due to stricter conditions for auto loans.
Furthermore, car exports experienced a marginal 0.1% decline year-on-year. Notably, Thailand serves as Southeast Asia’s principal auto production hub and a key export center for leading global car manufacturers, such as Toyota and Honda, with a focus on manufacturing pickup trucks. Additionally, the country has been attracting substantial investments from Chinese electric vehicle producers.
The decrease in output was primarily linked to tightened loan conditions for pickup trucks by financial institutions, as stated by Surapong Paisitpattanapong, a spokesperson for the FTI’s automotive industry division.
Despite the recent decline, the FTI projects a modest increase in car production to reach 1.9 million units this year, compared to the 1.84 million units produced last year, which marked a 2.2% drop from 2022.
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