By Namo Vananupong

   

BANGKOK (NNT) - Improved prospects have been observed for the automotive industry, which plays a significant role in driving Thailand’s economy. Production and sales figures have improved for cars as well as motorcycles.

 

Surapong Paisitpatanapong, the spokesperson for the FTI’s automotive cluster, said Thailand’s auto manufacturers received chips and parts from trade partners in September due to the relaxation of lockdowns in those countries. Auto plants were, therefore, able to increase production, and were able to manufacture a total of 140,038 cars – an increase of 34.47% from August. A total of 1,211,946 automobiles were produced in Thailand in the 9 months from January to September, an increase of 25.93% from the same period of the previous year.

 

Mr. Surapong said 56,871 automobiles were sold domestically in September, an increase of 34.84% over August. He attributed improved sales to the lifting of lockdowns on September 1, which allowed people to have more confidence about their future income and therefore more visits were made to showrooms. He said financial institutes had concurrently toned down their lending approval criteria.

 

Export-wise, Thailand shipped out 73,831 automobiles worth 44 billion baht in September – a rise of 23.94% from August’s figure. For the 9 month period from January to September, 677,481 automobiles worth almost 400 billion baht were exported; the vehicle count rose by 29.92% and the value by 36.93% over the previous year.

 

Industry-wide exports, comprising automobiles, motorcycles, engines and parts, reached a value of 650 billion baht for the January - September period. This figure increased by 43.72% from the same period of the previous year.

 

-- © Copyright NNT 2021-10-23

 

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6 minutes ago, webfact said:

He said financial institutes had concurrently toned down their lending approval criteria.

This means they  made it easier to get a loan for the vehicles ?

if so how many are soon to be repossessed due to non payment ?

11 minutes ago, johng said:

This means they  made it easier to get a loan for the vehicles ?

if so how many are soon to be repossessed due to non payment ?

Probably a lot. I know too many people who keep buying cars, bikes, 40K baht Iphones, 85" TVs and such on loans that are impossible to pay back with their actual incomes. Yet, they still do it. Why work hard and save for years when advertisings are telling you that you can get these items today with almost 0 funds necessary...

 

And that's when many people then go to shark loans when they are about to default, thinking somehow they'll "manage".

 

I know of 2 people whose "jobs" are to rearrange people's financial outlook so that banks will approve loans quite easily for them, when they clearly can't back them up.

 

I never even owned a credit card, although banks have offered them to me on multiple occasions. Hope I never will.

 

The whole system is a scam and people keep falling in the trap.

Just wait for the avalanche of cars being returned to the finance companies by all those Thais who cannot keep up with the installments = see real estate bubbling anytime soon in a big bang as well! There millions of Thais will vacate apartments, condos and houses as their mortgages will become overdue with the compliments of the boys at the helm for the last 7 ½ years ...... 

Will be a game changer domestically for sure! 

15 minutes ago, Sydebolle said:

Just wait for the avalanche of cars being returned to the finance companies by all those Thais who cannot keep up with the installments = see real estate bubbling anytime soon in a big bang as well! There millions of Thais will vacate apartments, condos and houses as their mortgages will become overdue with the compliments of the boys at the helm for the last 7 ½ years ...... 

Will be a game changer domestically for sure! 

Aren't you discounting Immigration's new plan to have OA visa holders pay off the debt of their Thai neighbors for a 1 year extension ? (????????????)

20 hours ago, BKKTRAVELER said:

 

I never even owned a credit card, although banks have offered them to me on multiple occasions. Hope I never will.

 

Your loss. I literally got dozens of free hotel stays, airplane tickets, hotel upgrades and, numerous cashbacks, sign up bonuses.... Probably totalling 50,000+++ dollars during my lifetime.

 

Many just don't care if the new pick up gets taken away. It seems to be accepted as 'that's the way it is'. Somehow a few months later a new one appears outside the house.

21 hours ago, webfact said:

56,871 automobiles were sold domestically in September, an increase of 34.84% over August.

In anticipation of the hordes of millionaire tourists about to flock to Thailand to be savaged by wild dogs and a predatory police force.

4 hours ago, Pravda said:

 

Your loss. I literally got dozens of free hotel stays, airplane tickets, hotel upgrades and, numerous cashbacks, sign up bonuses.... Probably totalling 50,000+++ dollars during my lifetime.

 

Wonderful for you, most people just end up paying that amount in interests during their lifetime instead...