Thailand's auto production drops further in March-Xinhua

Thailand's auto production drops further in March

Source: Xinhua

Editor: huaxia

2024-04-25 19:49:00

BANGKOK, April 25 (Xinhua) -- Thailand's auto production continued to drop in March due to a decline in manufacturing for the domestic market and sluggish sales as banks tightened lending standards, data from the Federation of Thai Industries (FTI) showed on Thursday.

Thai auto manufacturers produced 138,331 vehicles in March, down 23.08 percent from a year earlier, accelerating from a 19.28 percent plunge in February, owing to a major fall in output of pickup trucks and internal combustion engine (ICE) passenger cars, according to the FTI.

Domestic auto sales plunged 29.83 percent year-on-year to 56,099 units in March as banks toughened standards for auto loan applications to address high household debts, said Surapong Paisitpattanapong, the FTI's automotive industry club vice president and spokesperson.

However, sales of hybrid electric passenger cars jumped 70.24 percent in March over the previous year to 12,688 units, while plug-in hybrid electric passenger cars rose 42.55 percent to 201 units.

The Southeast Asian country's finished car exports decreased 3.35 percent from a year earlier to 95,089 units in March, weighed down by lower shipments of ICE passenger cars, despite a significant increase in hybrid electric passenger cars amid robust sales in trading partner markets, Surapong told a news conference.