Thailand: Domestic car sales slump

• Feb 23, 2021

Domestic car sales in Thailand declined 21.3% in January to 55,208 units from last year as the second-wave outbreak continues to drag down consumer confidence and purchasing power.

Passenger car sales decreased by 44.2% to 16,104 units year-on-year, while sales of commercial cars decreased 5.4% to 39,104 units. Pure pickups with 1 tonne size loads and pickup passenger vehicles dropped by 9.6% year-on-year to 30,107 units.

Surasak Suthongwan, vice-president of Toyota Motor Thailand, said customers are concerned the new wave of the pandemic will greatly affect the economy, businesses and job prospects, so potential buyers are avoiding purchases.

Whole sectors that employ local people, such as the tourism industry, are practically on standby, while the automotive industry has yet to recover from last year’s contraction.

“Those factors caused domestic car sales to drop and the company is closely monitoring the economic situation and the pandemic,” he said.

In January, Toyota’s domestic car sales were 17,758 units or a decrease of 12.2% year-on-year. Toyota has a 32.2% market share in Thailand.

The company expects domestic car sales in February will continue to be affected by the pandemic.

Toyota expects the government’s stimulus measures will relieve the economy and help boost consumer spending.

Source: https://www.bangkokpost.com/business/2072727/domestic-car-sales-slump