Thailand Car Production Rises 4.16% in March as Chip Shortage Eased

Thailand’s car production in March rose 4.16% from the same period of last year to 179,848 units as the market saw some light from the easing situation of microchips shortage.

According to the data released by the Federation of Thai Industries (FTI) on Tuesday, exports of cars rose 4.84% YoY in March after a 11.42% rise in February.

However, domestic car sales fell 8.37% from a year earlier and after a 3.94% drop in February, due to tighter loans for trucks as interest rates have been on a rise.

In March 2023, the Bank of Thailand raised the policy rate by 0.25 percentage point from 1.50 to 1.75%.