Sales of new cars contracted for the third consecutive month in August, mainly due to credit denials resulting from new banking guidelines, the Federation of Thai Industries (FTI) announced on Tuesday.
The FTI Automotive Section reported total estimated sales of 80,838 vehicles for the month of August 2019, down 6.9% year-on-year.
Transactions also decreased on a monthly basis, by 0.3% compared to July.
Federation spokesman Surapong Paisitpatanapong explained that many financial institutions had tightened the conditions for granting car loans. As a result, the number of refusals has increased and local vehicle distributors have been forced to cancel multiple unfulfilled orders over the past three months.
Nevertheless, this downward trend did not affect the overall growth for the period between January and August, with a total of 685,652 units, up 4.2% year-on-year.
The FTI has maintained its forecast for new car sales for 2019 at 1.05 million units.
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