The manufacturing and sales of vehicles in Thailand fell by more than 20.56% in August compared to last year, the Federation of Thai Industries (FTI) reports.
Surapong Phaisitpattanapong, advisor and spokesman of FTI’s automobile club, says 119,680 vehicles were produced in August, a 4.12% decline from the previous month.
From January to August, the total number of vehicles manufactured reached 1,005,749, representing a year-on-year drop of 17.69%. This was primarily due to a reduction in vehicles made for the domestic market, down 40.49% year on year. In contrast, units produced for export dropped 6.62% year-on-year.
Meanwhile, only 45,190 vehicles were sold locally in August, marking a 24.98% drop year on year and a 2.6% fall from July this year.
Surapong put the slump down to banks and financial firms tightening their criteria for approving car loans.
Non-performing loans have reached 254.48 billion baht as of the end of the second quarter, up 29.7% year-on-year.
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