Car buyers' incentive plan backfires in Southeast Asia's Detroit

http://www.reuters.com/article/2013/09/22/thailand-autos-idUSL3N0H816N20130922

(Reuters) - An incentive programme for first-time car buyers in Thailand has backfired with more than 100,000 indebted consumers defaulting, leaving the big global manufacturers that dominate Southeast Asia's largest auto market struggling to defend their margins.

The tax breaks, which the World Bank estimates cost Thailand $2.5 billion, were intended to revive auto manufacturing in the region's biggest car-making hub following devastating floods in 2011.

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