Thailand’s Car Production Rises 4% year-on-year in March, Exports Also Rise

Car production in Thailand rose 4.16% to 179,848 units. The increase occurred in March 2023 and was up from the previous year. On Tuesday, the Federation of Thai Industries (FTI) said that the increase was due to a reduced shortage of microchips. 

Car exports rose 4.84% in March on an annual basis, after rising 11.42% in February, said Surapong Paisitpattanapong, spokesman for the FTI’s automotive division, at a press conference.

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However, domestic car sales in March fell to 8.37% year-on-year after dropping 3.94% in February, driven by tighter lending for trucks amid rising interest rates, he said.

In February, car production grew 6.39% year-on-year. Thailand is a regional vehicle production and export hub for some of the world’s top automakers, including Toyota (7203.T) and Honda (7267.T).

source: reuters.com