BANGKOK: Car production in Thailand fell 12.46% in January from a year earlier to 142,102 units as domestic sales slumped, the Federation of Thai Industries said on Thursday.

Domestic car sales fell 16.42% in January from a year earlier, hurt by tightened auto loans, said Surapong Paisitpattanapong, a spokesperson for the FTI’s automotive industry division.

Car exports also dipped about 0.1% year-on-year, he said.

Thailand is Southeast Asia’s biggest autos production centre and an export base for some of the world’s top carmakers, including Toyota and Honda, with pickup trucks among the key vehicles made.

Thailand Nov car production drops 14% y/y, pickup trunk output down

The decline in output was largely due to banks tightening loans for pickup trucks, Surapong said.

The FTI predicts car production at 1.9 million vehicles this year after 1.84 million made in 2023, a 2.2% drop year-on-year.