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Thailand’s automotive industry is showing positive signs of recovery after a prolonged downturn. According to Thailand’s Deputy Finance Minister, Mr. Paopoom Rojanasakul, the government is starting to see a return to growth in the automotive manufacturing sector after more than two years of recession.
Specifically, Thailand’s Industrial Production Index (IPI) for May increased by 1.9% year-on-year. The automotive industry’s MPI surged 12.7% in May, marking the second consecutive month of growth.
The Federation of Thai Industries (FTI) reported a 10.3% year-on-year increase in automotive production for May. Domestic vehicle sales (including pickup trucks) rose 4.7% in May compared to the same period last year. Passenger car production also soared by 22.1%. New passenger car registrations increased by 8.7%.
However, in the first five months of the year, total automotive production fell 7.8% year-on-year to 594,492 units. Nevertheless, amid household debt pressures and tighter lending conditions, domestic vehicle sales could still decline.
To stimulate consumer demand, Thailand’s Ministry of Finance is proposing a new tax incentive program. This program would offer users tax breaks and cash incentives when they trade in their old pickup trucks for new ones.
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