THAILAND: Vehicle production to fall by a third in '09
The Federation of Thai Industries (FTI) has said it has revised down its 2009 vehicle production target to 940,000 units, a 32.6% drop from 2008.
The FTI said the global economic crisis has made the downward revision necessary.
The production target for domestic sales has been cut by 58,000 units to 430,000, while production of vehicles for exports has been cut to 510,000 units, a 34.9% reduction from a year earlier, the FTI said in a statement.
The global economic tailspin has affected demand from key markets including Australia, Asia and Europe, with orders falling more than 40%, it said.
Orders from the Middle East remain positive but demand is growing at a slower pace, it added.
The number of vehicles produced in Thailand fell 50.9% to 61,752 units in May, and vehicle exports plunged 54.7% to 31,913 units, FTI said.
During January to May, the number of vehicles produced locally plummeted 46.6% to 314,368 units, while vehicle exports dropped 37.9% to 199,381 units.