Thailand’s automobile output down 25.5 per cent in September

October 26, 2024 - 10:19

The sharp reduction reflects a slump in domestic sales as lenders tighten credit conditions.

Thailand’s automobile output down 25.5% in September — Photo Bloomberg

BANGKOK — The Federation of Thai Industries (FTI) on Friday reported that automobile production in the country fell 25.5 per cent in September from a year earlier.

The sharp reduction reflects a slump in domestic sales as lenders tighten credit conditions.

Non-performing loans for cars reached 254 billion THB (US$7.5 billion) in the second quarter of 2024, up 29.7 per cent year-on-year, the FTI said earlier.

According to Surapong Paisitpattanapong, a spokesman for the federation’s automotive division, car sales in the Southeast Asian nation dropped 37.1 per cent to 117,000 units in September, while exports were down 10.8 per cent in the month from a year earlier due to economic issues among trading partners and the impact of the conflict in the Middle East.

Thailand is Southeast Asia’s biggest auto production centre and an export base for some of the world’s top carmakers, including Toyota and Honda. — VNS

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