The automotive industry in Thailand is experiencing significant challenges in car sales due to several factors, with high household debt being a major contributor. Banks have tightened their lending practices, resulting in stricter loan approvals. Consequently, car sales have declined by 17% annually, and this year (2024), the drop has reached 23.9%.
This downturn has also impacted the steel industry, as automotive manufacturers have scaled back production in response to the decreased demand for cars.
The government is expected to introduce new policies aimed at stimulating the economy, which should help revive both the automotive and steel industries in the near future.
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