In September 2024, Thailand’s auto production and sales declined significantly, with all sectors, including exports, facing downturns.
Key Takeways
In September 2024, Thailand’s auto production and sales declined significantly, with all sectors, including exports, facing downturns.
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In September 2024, Thailand’s auto production and sales declined significantly, with all sectors, including exports, facing downturns.
Key Takeways
In September 2024, Thailand’s auto production and sales declined significantly, with all sectors, including exports, facing downturns. Stricter loan approvals and high household debt levels were major challenges. Total auto production was 122,277 units, down 25.48% from September 2023, and the year’s first nine months saw an 18.61% decrease to 1,128,026 units. Export production decreased by 15.78% year-on-year, while domestic production dropped by 42.31%.
Domestic car sales in September hit a 53-month low at 39,048 units, a 37.11% year-on-year drop. High household debt and tighter lending conditions drove this decline, with non-performing auto loans reaching 259.33 billion baht. Modest GDP growth, projected at 2.7-2.8% for 2024, also…