Car production in Thailand saw a significant decline of 25.13% in October compared to the previous year, totaling 118,842 units, largely due to a steep drop in truck manufacturing, as reported by the Federation of Thai Industries (FTI) on Monday.
This decrease followed a 25.48% decline in September, marking the 15th consecutive month of production contraction.
Pickup truck production fell by 27.8% in October year-on-year, while truck output plummeted by 77.5%, according to Surapong Paisitpattanapong, spokesperson for the FTI’s automotive industry division, during a news conference.
Domestic car sales also experienced a sharp decline, dropping 36.08% in October from a year earlier, following a 37.11% decrease in the previous month, the federation noted.
The FTI indicated that both car production and sales have been adversely affected by weak demand resulting from stricter lending practices by financial institutions for vehicle purchases.
Thailand stands as Southeast Asia’s largest automotive production hub and serves as an export base for leading global car manufacturers, including Toyota and Honda.
