In 2023, the automobile output from the Association of Southeast Asian Nations (ASEAN) slightly decreased by 1.9% from the previous year to about 4.3 million units.

Among them, the output from Indonesia went down by 5.1% year on year to 1.4 million tons, while Thailand’s production decreased by 2.2% year on year to 1.84 million units.

Thailand authorities pointed out that the decrease in vehicle production was due to high household debt, which caused domestic banks to tighten the standards for loans.