Tel :
Tel :
In September 2024, Thailand's automobile production and sales experienced a significant decline, with all sectors including exports experiencing a decline.
From the production situation, the total P235GH steel automobile production in September 2024 was 122277 units, a year-on-year decrease of 25.48% compared to last year; The cumulative production from January to September was 1128026 vehicles, a year-on-year decrease of 18.61%. Among them, the production of cars for export decreased by 15.78% year-on-year, while the production of cars for domestic sales decreased by 42.31%.
In terms of domestic sales, Thailand's P235GH steel domestic car sales in September hit a 53 month low of only 39048 units, a year-on-year decrease of 37.11%. The main reason for this decline is high household debt and tightening loan conditions. Firstly, the total amount of non-performing car loans to date has reached 259.33 billion Thai baht, indicating that consumers have limited purchasing power. Secondly, the expected GDP growth rate in Thailand in 2024 is only 2.7% to 2.8%, which further weakens consumer spending and car buying demand due to weak economic growth.
In terms of exports, finished car exports also face challenges. In September 2024, Thailand exported a total of 80254 cars, a year-on-year decrease of 17.67%. The geopolitical tensions in the Middle East have disrupted shipping routes in major markets, further weakening demand in related export regions.
In terms of electric vehicles, although the registration volume of electric vehicles has increased by 11.67% year-on-year since the beginning of 2024, the sales volume of electric vehicles in the Thai market decreased significantly in September, resulting in a decrease of 25.81% year-on-year.
Faced with the severe market situation, the Thai automotive industry organization plans to hold a meeting in November to reassess the annual production and sales targets, which are expected to be lowered.
Overall, household debt issues, declining consumption power, and external geopolitical P235GH steel risks have jointly affected the development of Thailand's automotive industry, and the industry's prospects are facing significant uncertainty.
