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Group Cuts Vehicle Sales Forecast for Thailand
The Federation of Thai Industries, which previously predicted Thailand's car market would total 950,000 units in 2015, now says a weak economy will limit demand to 850,000 vehicles and could push it as low as 740,000.
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The Federation of Thai Industries, which previously predicted Thailand's car market would total 950,000 units in 2015, now says a weak economy will limit demand to 850,000 vehicles and could push it as low as 740,000.
FTI expects the country's full-year production will rise 9% to 2.05 million vehicles, as exports expand 6% to 1.2 million units.
Thai's domestic car market reached 1.44 million units in 2012. But the Bangkok Post notes that by 2014 sales totaled only 881,800 units, down 34% from the previous year.
Domestic demand for new cars fell 16% to 369,000 units in the first half of 2015, according to the newspaper. June sales plummeted 18% to 60,200 vehicles.
Thai vehicle production in January-June slipped 2% to 935,300 units. But the FTI says exports during the period grew 3% to 576,100 units and are likely to finish the year at 1.2 million units, up 6% from 2014.
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