Domestic sales of pickups remained sluggish in January, plummeting more than 43% year-on-year, as banks remain cautious in granting auto loans, says the Federation of Thai Industries (FTI).
Banks’ stricter lending criteria for prospective vehicle buyers, which resulted in a large drop in pickup sales, remain in place as household debt levels are elevated.
As of 2023, household debt was estimated at more than 90% of GDP.
“In January, the sales of pure pickups plunged by 43.5% year-on-year to 14,864 units,” said Surapong Paisitpatanapong, the FTI’s vice-chairman and spokesman for its Automotive Industry Club.
The loan rejection rate in the pickup segment is high, especially compared with the rate in the passenger car segment, he said.
This indicates financial institutions are wary of expanding car seizures, said Mr Surapong.
Last year, between 200,000 to…
