Thailand's new vehicle market continued to recover in February with sales rising by 19.9% to 68,435 units from depressed year earlier sales of 57,090 units, according to data released by the Federation of Thai Industries.
The country's vehicle market looks to be finally rebounding strongly after four years of uninterrupted decline, culminating in a 14% drop in the fourth quarter of 2016 as consumer sentiment was shaken by the loss of King Bhumibol Adulyadej last October.
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The market last month was driven higher by a 60% rise in passenger car sales to 26,702 units, helped by new models and the end of the lock up period for tax rebates for those who bought their cars under the government's first time buyer scheme over five years ago. Sales of pickup trucks rose by 15% to 30,348 units.
Total vehicle sales in the first two months of 2017 were up by 15.4% at 125,689 units, from 108,911 units in the same period of last year.
Exports continued to decline last month, however, by 6.2% year on year to 98,237 units, with year to date volume declining by 10% to 178,334 units.
Vehicle production fell by 7.2% to 154,496 units last month and by 2.3% to 306,757 units in the first two months of the year.
