Thailand vehicle market plunges 37% in September [Yahoo! Finance]
ISUZU MOTORS UNSP/ADR (ISUZY)
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Source: Yahoo! Finance
earlier, according to the latest wholesale data released by the Federation of Thai Industries (FTI). The market has been in decline for almost two years, after a brief rebound from the Covid pandemic lows in 2022. Last month was the first time since mid-2020, at the peak of the Covid lockdowns, that monthly sales have dropped below 40,000 units. FTI spokesperson Surapong Paisitpattanapong said the market is being driven lower by high levels of auto loan rejections, estimated at around 60% of applications, as banks look to reduce non-performing loans which they claim have risen sharply in the last two years. Overall economic activity in the country accelerated to 2.3% year-on-year in the second quarter compared with 1.6% in the first quarter, due mainly to stronger exports. Private consumption growth slowed to 4.0% from 6.9%, despite strong growth in the country's tourism sector, as domestic consumer sentiment continued to weaken – reflecting high household debt currently estimated
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