Industry body forecasts Thai car production falling short of target

The association forecasts only a slight improvement in vehicle output to 2.55-2.6 million vehicles next year

Thai vehicle output is expected to fall short of the 2.55 million unit target this year, reports Thai News Service, citing the Federation of Thai Industries (FTI). With car production up by only 7.07% year on year (y/y) to 2.115 million units in the first 10 months, the country is expected to produce a total of 2.51 million units this year. "The production target is unlikely to be reached due to the sales drop," said FTI chairman Suparat Sirisuwannangkura, indicating to a 1.8% y/y drop in domestic vehicle sales to 1.123 million units in the first 10 months this year. However, Sirisuwannangkura expressed confidence the country will be able to export 1.15 million vehicles this year, marking a double-digit growth rate.