Thai car market set for slow down

Thai car market set for slow down

BANGKOK: The recent closure of 42 ailing finance firms by the
Thai government is hurting the local car market.

Annual sales for the year are now expected to be lucky to
reach 400,000 -- 60,000 less than the figure predicted prior to
Thailand's financial crisis.

This year, the local car market will face difficulties due to
the shutdown of the 42 finance firms and 16 others suspended
earlier, according to a report from the automotive club under the
Thai Industries Federation.

Because of the sluggishness on the domestic market, some
companies, like Mitsubishi, Toyota and Honda, have turned to the
export market.

The export volume for this year is expected to exceed 45,000
cars, according to the report.