New vehicle sales in Thailand fell 37.7% to 88,989 units in October, compared with record year-earlier sales of 142,839 units, according to data released by the Federation of Thai Industries.

The sharp decline reflects withdrawal of first-time buyer incentives at the end of last year, with order fulfillment remaining strong throughout the first half of 2013.

Ten month year to date sales were 1.8% lower 1,123,268 units, compared with 1,141,556 sold in the same period last year.

Vehicle output fell 26.6% to 185,117 in October, although over the 10 month period volumes were 7.1% higher at 2,115,375 units.

Exports were down just 1.4% to 96,864 units in October and up 12.4% at 944,205 year to date.