Thailand’s new vehicle market continued to grow strongly in November, with sales rising by 21.2% to 94,643 units from 78,082 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. A stable baht has allowed the Thai central bank so far to leave its overnight lending rate unchanged at a near historic low of 1.5%, which is helping to fuel domestic consumption.

Sales of passenger cars rose by 12.8% to 35,446 units in November; while SUV sales jumped by close to 44% to 6,232 units; pickup-based vehicles 48,612 units (+27.5%); and other commercial vehicles 4,353 units (+4.0%). 

Toyota’s sales jumped by close to 41.3% to 30,732 units last month; followed by Isuzu with a sales rise of 17.9% to 16,777 units; Honda 11,099 (+7.1%); Mitsubishi Motors 7,309 (+14.7%); Nissan 6,713 (+22.4%); Mazda 5,954 (+18.7%); and Ford 5,419 (-1.5%).

Overall sales in the first 11 months of the year increased by 21% to 928,158 units compared with 767,348 units in the same period of last year. The market is on target to exceed 1m units this year for the first time since 2013 when sales were lifted by first time buyer incentives.