BANGKOK (Reuters) - Car production in Thailand fell 19.28% in February from a year earlier to 133,690 units, the Federation of Thai Industries said on Tuesday, largely due to a decline in production of pickup trucks and more imported electric vehicles (EVs).
The figure compared with January's 12.46% year-on-year drop.
Car exports were up 0.22% year-on-year.
Thailand is Southeast Asia's biggest autos production centre and an export base for some of the world's top carmakers, including Toyota (NYSE:TM) and Honda (NYSE:HMC), with pickup trucks among the key vehicles manufactured.
In recent years, Chinese EV brands like BYD (SZ:002594) and Great Wall Motor have been making inroads into the Thai auto sector, helped by government tax incentives and subsidies.
This week, higher-end EV brands from China will make their debut at Thailand's annual motor show. Altogether, Chinese automakers have poured $1.44 billion into production facilities.
Sales are down due to pick-up trucks from tightening rules from financial institutions, FTI automotive spokesperson Surapong Paisitpatanapong said, adding that sales of traditional passenger vehicles fell 41%.
The FTI has predicted car production at 1.9 million vehicles this year after 1.84 million made in 2023, a 2.2% drop year-on-year. Car sales in Thailand in February totalled 52,843 units, said Surapong.