Thailand’s car production experienced a significant decline in June of 2024, dropping by 20.11% compared to the previous year, totaling 145,557 units. This decrease was attributed to decreased production of pickup trucks and stricter financing conditions, according to the Federation of Thai Industries.
Compared to May, when there was a 16.19% year-on-year decrease, the June figures indicate a further downturn in the country’s automotive sector. Despite a minor improvement in June’s car exports, which increased by 0.28% year-on-year (compared to a 3.39% increase in May), the domestic car sales in Thailand suffered a notable setback.
Domestic car sales in June plummeted by 26.04% year-on-year, a more significant drop than the 23.38% decrease seen in May. The Federation of Thai Industries now forecasts that domestic car sales in Thailand for the year 2024 will reach 550,000 units, a notable downward revision from the initial projection of 750,000 units.
Looking ahead, the Federation of Thai Industries anticipates that car production in Thailand for the entire year of 2024 will amount to 1.7 million units, down from the earlier forecast of 1.9 million units. This adjustment reflects the current challenges and uncertainties facing the Thai automotive industry in the midst of economic fluctuations and changing consumer behaviors.
