Auto sector reels from falling orders, soaring household debt

Quick Summary:

Thailand's US$53 billion automobile industry is facing a grim future as highly indebted domestic consumers struggle to finance purchases and overseas buyers of its mainstay traditional vehicles increasingly switch to electric alternatives.

The auto industry is forecasting Thailand to produce 1.7 million vehicles this year, down from 1.9 million in 2023.

Production in Thailand's automobile industry has been on a downward trend for the last year, sliding 20.6% in August on a yearly basis.

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Article Details

Category: EconomyBusiness

Markets: ThailandChinaIndiaJapanUnited States

Topics: Year Parts Production Thailand Association Industry Billion Thai Auto Chinese Sales

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-25 @ 12:44:00 (4 days ago)

News Timezone: GMT +8:00

News Source URL: bangkokpost.com

Language: English

Article Length: 940 words

Reading Time: 6 minutes read

Sentences: 38 lines

Sentence Length: 25 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Bangkok Post

News ID: 22703353

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About Bangkok Post

Main Topics: EconomyBusiness

Official Website: bangkokpost.com

Update Frequency: 1 posts per day

Year Established: 1946

Headquarters: Thailand

News Last Updated: 21 hours ago

Coverage Areas: Thailand

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Publisher ID: #66

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