Thailand's new vehicle market continued to grow strongly in October, with sales rising by 26.8% to 86,931 units from 68,551 units in the same month of last year, according to data compiled by the Federation of Thai Industries (FTI).
The strong market growth continued despite a sharp slowdown in economic growth in the third quarter, to 3.3% from 4.6% in the second quarter, due mainly to declining export activity.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
A stable baht has allowed the Thai central bank to leave its overnight lending rate unchanged at a historic low of 1.5% which is helping to fuel domestic consumption.
Sales of passenger cars rose by 14.1% to 32,805 units in October while SUV sales jumped by 70% to 6,079 units, pickup-based vehicles 43,827 units (+34.6%) and other commercial vehicles 4,220 units (+15.2%).
Toyota's sales jumped by close to 37% to 28,990 units last month, followed by Isuzu with a sales rise of 11.7% to 13,496 units, Honda 10,987 (+13.7%), Mitsubishi 6,718 (+18.3%), Nissan 6,333 (+37.4%), Mazda 5,647 (+63.2%) and Ford 5,126 (+15.9%).
Overall sales in the first 10 months of the year increased by 20.9% to 833,515 units compared with 689,266 units in the same period of last year.
Vehicle exports increased by 2.75% to 93,338 units in October and by 1.2% to 952,125 units YTD while overall production rose by 20.6% to 197,203 units last month and by 9.75% to 1.8m units YTD.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
