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Thailand’s auto production shrinks 16.19pc in May

XINHUA – Thailand’s auto production continued to shrink in May due to lower output for pickup trucks and passenger cars amid a sluggish economy, data from the Federation of Thai Industries (FTI) showed yesterday.

Thai auto manufacturers produced 126,161 vehicles last month, down 16.19 per cent from a year earlier and accelerating from an 11.02 per cent plunge in April, owing to weak domestic demand and the capacity of electric vehicle (EV)production, which remained in the early stages, according to the FTI.

Battery EV manufacturing increased in May as production picked up pace, while that of hybrid EV expanded 50.71 per cent to 15,354 units, the FTI said in a statement.

For the first five months of 2024, auto production fell 16.88 per cent over the previous year to 644,951 units, said Surapong Paisitpattanapong, the FTI’s automotive industry club vice president and spokesperson.

Domestic auto sales plunged 23.38 per cent year-on-year to 49,871 units in May as banks toughened lending standards amid high household debt, Surapong told a news conference.