The Thai new vehicle market continued to recover in June, with sales rising by 5.8% to 63,808 units compared with 60,325 units in the same month of last year, according to data gathered by the Federation of Thai Industries (FTI).
Sales rose in the last three months, prompting the auto industry to revise upwards their full-year forecasts after three years of steep decline. Last year the declined 9.3% to 799,592 units from 881,832 units in 2014.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The FTI is due to release its revised full-year this month while Toyota this week said it expected total sales to be “considerably higher” than the 720,000 units it was predicting at the beginning of the season, according to local reports.
Cumulative first half sales were just 0.7% lower at 366,373 units, from 369,109 units a year earlier, thanks to an 8% jump is second quarter sales
GDP growth in the country accelerated to 3.2% year on year in the first quarter of 2016, the latest period for which data is available, from 2.8% in the previous quarter. This reflected a pick-up in export activity, higher government spending and strong growth in the tourism sector.
