Thailand’s automobile industry faces challenges from high household debt and a shift to electric vehicles, resulting in significant production cuts, job losses, and a drop in domestic sales to a 14-year low.
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Thailand’s automobile industry faces challenges from high household debt and a shift to electric vehicles, resulting in significant production cuts, job losses, and a drop in domestic sales to a 14-year low.
Key takeaways
A 20.6% production decline and 14-year low in domestic sales due to high household debt and EV shift.
Companies like Techno-Metal are at 40% capacity, affecting over 700,000 workers in traditional auto parts.
Despite challenges, $1.44 billion in Chinese EV investments could reshape Thailand’s economy.
Thailand’s $53 billion automobile industry faces significant challenges due to rising household debt and a transition to electric vehicles (EVs). As a result, production dropped 20.6% year-on-year in August, with domestic sales at a 14-year low.
Companies like Techno-Metal, which supplies major automakers, are operates at just 40% capacity, leading to workforce…