BANGKOK, July 26 — Thailand’s auto production recorded a further decline in June due to lower output for domestic sales and exports amid a sluggish economy, data from the Federation of Thai Industries (FTI) showed yesterday, reported Xinhua.

Thai auto manufacturers produced 116,289 vehicles in June, down 20.11 per cent from a year earlier and accelerating from a 16.19-per cent drop in May, according to the FTI.

For the first half of 2024, auto production fell 17.39 per cent over the previous year to 761,240 units, said Surapong Paisitpattanapong, FTI’s automotive industry club vice-president and spokesperson.

Domestic auto sales plunged 26.04 per cent year-on-year to 47,662 units in June as banks tightened lending standards on the back of high household debts, leading to a higher rejection rate for auto loans, Surapong told a news conference.

The South-east Asian country’s finished car exports inched up 0.28 per cent from a year earlier to 89,071 units in June, buoyed by growth in trade partner economies, the FTI said.

The federation slashed its auto production target for 2024 to 1.7 million units, from 1.9 million units expected earlier, weighed down by a lower projection on output for domestic sales. — Bernama