Thailand auto output forecast cut for a second time

Tighter loan criteria led to downgrade amounting to 18% year-on-year decline

20241125N Thailand cars

Thai auto production will slow in 2024 under the Federation of Thai Industries' new forecast. (Photo by Ken Kobayashi)

KENYA AKAMA, Nikkei staff writer

BANGKOK -- The Federation of Thai Industries on Monday lowered the country's annual auto production outlook for the second time this year, now estimating 1.5 million units because of stricter requirements for auto loans.

The new forecast is down from the FTI's previous forecast of 1.7 million units and its initial projection of 1.9 million.

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