Domestic car sales fell in July for the second straight month on loan rejections by local financial institutions, the Federation of Thai Industries (FTI) reported on Thursday.
The FTI’s automotive industry club reported overall car sales last month at 81,044 units, down 1.1% from the same month last year.
July sales also dropped by 5.8% from the previous month.
Spoksman Surapong Paisitpatanapong said an announcement by the central bank on examining overall auto loans had caused every financial institution to be more cautious in approving loans.
Although, the sales in June and July decreased, overall car sales in the first seven months remained a growth of 5.9% year-on-year to 604,814 units. The club mantained its previous car sales projection for 2019 of 1.05 million units.