PUBLISHED : 9 Dec 2024 at 18: 27
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People visit Motor Expo 2024 in Nonthaburi province late last month. (Photo: Pattarapong Chatpattarasill)
Sluggish car sales are expected to plague the Thai automotive industry for at least another 1-2 years, with total domestic sales projected to plunge to 560,000 units in 2024, according to Hyundai Mobility Thailand, a subsidiary of South Korean automaker Hyundai Motor Group.
Sales tallied 775,780 units in 2023.
The market faces several problems, including slow Thai economic growth, weak consumer purchasing power, and strict auto loan criteria from banks and car financing companies based on the high level of household debt.
“The government must be alert to the slowdown in the auto industry. I
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