BANGKOK, Jan. 28 (Xinhua) -- Thailand's auto production continued to contract in December 2024 due to an ongoing downturn in output for the domestic market, data from the Federation of Thai Industries (FTI) showed on Tuesday.
Thai auto manufacturers produced 104,878 vehicles last month, down 17.37 percent from a year earlier and easing from a 28.23 percent decline in November as internal combustion engine passenger car production dropped, according to the FTI.
For the whole of 2024, auto production tumbled 19.95 percent over the previous year to 1,468,997 units, despite significant growth in battery electric vehicles and hybrid electric vehicles, said FTI Automotive Industry Club spokesperson Surapong Paisitpattanapong.
Domestic auto sales slumped 20.94 percent year-on-year to 54,016 units in December as financial institutions tightened credit approval on the back of high household debt and non-performing auto loans, Surapong told a news conference.
In 2024, Thailand's auto sales shrank 26.18 percent to 572,675 units, marking the lowest record in 14 years, Surapong said.
The Southeast Asian country's finished car exports fell 15.46 percent from a year earlier to 76,346 units in December, owing to last year's high comparative base and uncertainties from international conflicts and the global economy, he said.
The federation projects the kingdom's auto production to rise 2.11 percent year on year, reaching 1.5 million units in 2025, with 1 million units expected to be exported. ■