Thailand Car Production Drops 16.62% in July 2024 Due to Domestic Car Sales Crash
Thailand's vehicle production in July 2024 reached 124,829 units, a 16.62% drop year-on-year. This was primarily caused by a 40.85% decrease in domestic sales.
August 25, 2024 - Mr. Surapong Paisitpatanapong, Vice-Chairman and the spokesman for the Automotive Industry Group, the Federation of Thai Industries (FTI), in the press conference, revealed the total production for all vehicles in July 2024.
Total car production
A total of 124,829 vehicles were produced in July 2024, a decrease of 16.62% compared to July 2023. However, compared to the previous month, production increased by 7.34%. The main factor contributing to this decline is the 40.85% decrease in domestic sales, which is aligned with the overall drop in domestic car sales. This is primarily due to tighter lending criteria imposed by financial institutions, driven by high household debt levels and a weak economy.
From January to July 2024, the total vehicle production amounted to 886,069 units, a decrease of 17.28% compared to the same period in 2023.
Total production of 124,829 vehicles in July 2024, composed of:
- Passenger cars: 46,046 units, 8.94% decrease (YoY)
- Internal Combustion Engine (ICE): 32,251 units, down 17.83%
- Battery Electric Vehicle (BEV): 522 units, an increase of 18,300%
- Plug-in Hybrid Electric Vehicle (PHEV): 372 units, showing a 54.80% decrease
- Hybrid Electric Vehicle (HEV): 12,871 units, marking a 22.65% increase (YoY)
- Buses under 10 tons and over 10 tons were not produced in July 2024. From January to July 2024, a total of 10 units were produced, a decrease of 87.80% compared to last year.
- Trucks: 78,783 units, down 20.53% (YoY)
- 1 Ton Pickup trucks: 77,838 units, down 19.14% (YoY)
- Pickup trucks less than 5 tons – over 10 tons: 945 units, declined 67.19% (YoY)
Car production for export
In July 2024, the car production for export totaled 87,538 units, representing 70.13% of the total production, a increase of 1.01% (YoY)
- Passenger cars produced for export totaled 25,958 units, an increase of 8.02% (YoY)
- One-ton pickup truck for export at 61,580 units, down 1.67% (YoY)
Car production for domestic use
In July 2024, there were 37,291 units produced for domestic use, representing 29.87% of the whole production, as well as a decrease of 40.85% (YoY)
- The production of passenger cars for domestic sales was 20,088 units, a decrease of 24.30% (YoY)
- One-ton pickup truck at 16,258 units, 51.65% decrease (YoY)
