Auto sales in Thailand declined by 12.3 per cent in January compared to the corresponding month a year ago with 48,092 vehicles being sold.
Most of the slump came from passenger car sales that dropped by 22 per cent to 29,836 units while the commercial vehicle market fell by five per cent to 29,838 units, according to compiler Toyota Motor Thailand (TMT) Co Ltd.
While hybrid vehicles enjoyed a 12-per cent rise to 11,441 units, electric car sales plunged by 29.9 per cent to 7,239 units.
TMT vice president Supakorn Ratanawaraha said Thailand’s automotive market in February is expected to remain stable, but it is expected to continue to decline compared to February last year, reflecting the current economic situation.
“In addition, financial institutions may still be concerned about high household debt and consumers’ ability to repay debt, which may affect the strictness of lending,” he stated. “However, the Bank of Thailand’s reduction in the policy interest rate from 2.25 percent to 2.00 percent per year, which will be effective immediately, may help reduce public burden, stimulate the economy and boost consumers purchasing decisions. However, the automotive industry still needs time to recover, along with the overall economic recovery.”
Toyota was the biggest seller in January with a total of 17,379 units (down 0.8 per cent, 36.1 per cent market share), followed by Honda with 7,062 units (down 14.9 per cent, 14.7 per cent market share) and Isuzu (down 22.6 per cent, 12.8 per cent market share).
