Mr. Thavorn Chalassathien, the Auto Parts Industry Club Chairperson of the FTI, said that the industry growth had increased by 25-30% recently compared to the beginning of 2009 when it was hard hit by the world economic slump. He added that the sector’s contraction for the year was not going to be as much as previously estimated as auto parts makers had now increased their production.
Thailands auto parts industry has an income of over 500 billion baht annually with exports of 300 billion baht in 2008. Thai auto parts makers have been receiving more orders due to high standards and lower costs and many foreign auto parts makers have shifted their development and research centers to Rayong which is known as the "Detroit of the East".
The Somboon Advance Technology (SAT),which is only one of the many auto parts companies in Rayong, saw the highest profits in the third quarter of 97.20 million baht, compared to the second quarter of only 1.31 million baht.
Verayut Kitaphanich, the SAT President,said they were confident that the company’s fourth quarter profits would continue to climb and be higher than in the third quarter with orders on the rise.
In more good news for Rayong' auto industry, automotive demand has continued an uptrend in October, with sales volume increasing 9.5 percent from the previous month.
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