Thai 2018 auto output likely to top 2 million, 1st in 5 years
BANGKOK, NNA - Thailand’s automobile output in 2018 is likely to exceed the key level of two million units for the first time in five years, on strong domestic demand recovering from a sales slump caused by the fading effects of a past tax incentive for first-time buyers.
Vehicle production in the first 10 months of 2018 grew 9.8 percent on year to 1,801,319 units, driven by domestic shipments that were up 19.6 percent at 839,704 units, industry data showed Tuesday.
The domestic automobile market “has boomed this year thanks to more private sector investment, better farmers’ incomes, a higher consumer confidence index and higher crop prices,” said Surapong Paisitpattanapong, vice-president of the Federation of Thai Industries.
The U.S.-China trade dispute has not had any effect on the Thai auto market, Surapong said.