Auto industry’s August figures show signs of recovery

The domestic automotive market showed signs of improvement in August with year on year figures showing a lesser contraction, adding to signs that the country will soon emerge from its first recession in a decade. Data compiled by Tri Petch Isuzu Sale in the first eigth months of this year showed 317,835 vehicles had been sold, down 23.12% from the same period last year. Early this year, the market contracted as much as 30% when consumers were concerned about job security and political stability. Auto-makers did expect full-year sales to exceed 500,000 units compared to over 600,000 in 2008.