Thailand’s auto industry shows signs of recovery amid slump

THAILAND'S auto sector faces a slow and painful recovery from a prolonged slump even with government support, three executives and an industry group said at the country’s main motor show, ringed by discount posters and promotional campaigns.

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Thailand - Southeast Asia's second-largest economy - is a regional auto manufacturing hub and home to leading car makers including Toyota 7203.T, Honda 7267.T, and Chinese EV brands such as BYD 002594. SZ, Great Wall Motor 601633.SS and Geely’s GEELY.UL Zeekr. The industry is worth about $50 billion.

“We believe it’s bottomed out,” said Pongsak Lertrudeewattanavong, vice president of MG Motor’s Thailand unit, speaking of the downturn that has caused domestic car production to fall for 20 consecutive months. The auto sector should gradually improve.”

The Bangkok International Motor Show opens to the public on Wednesday and typically logs about 50000 car orders every year.