Car production in Thailand rose 4.72% in July from a year earlier to 149,709 units, mainly for exports as local sales declined, the Federation of Thai Industries (FTI) said on Thursday.
Domestic car sales in July fell 8.77% from a year earlier to 58,419 units, after a 5.16% decline in June, as banks tightened auto loans due to high household debt, said Surapong Paisitpattanapong, a spokesperson for the FTI's automotive industry division.
Car exports jumped 30.05% in July from a year earlier, with 108,052 units shipped. That followed a 20.22% rise in June.
Thailand's July production growth quickened from a 1.78% rise in June. The country is a regional vehicle production and export base for some of the world's top carmakers, including Toyota and Honda.
Last month, the FTI cut its 2023 forecast for domestic car sales to 850,000 units from 900,000 units.
According to the Thailand Automotive Institute's (TAI) recent report, electric vehicle (EV) sales are expected to reach a target of 50,000 units this year despite weak purchasing power, high household debt and banks' stricter auto loan criteria.