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Car sales in Thailand slumped 20.94% year-on-year to 54,016 units in December 2024, following a 31.34% plunge in the previous month, according to the Federation of Thai Industries (FTI). This marked the nineteenth consecutive month of decline, due to a rise in household debt, including bad car debt, and significant tightening of loans. For the full year, domestic car sales plunged 26.18% to 572,675 units, the lowest level in 15 years, though surpassing the October FTI’s downwardly revised target of 450,000 units. Meanwhile, total car production in 2024 fell 19.95% to 1,468,997 units, the lowest in four years and slightly lower than October's revised forecast of 1.5 million. The FTI expects car production to grow by 2% this year.