Thailand’s new vehicle market expanded 7.5% year-on- year to 65,178 units in July, compared to 60,635 units a year earlier, according to data released by the Federation of Thai Industries.
Toyota’s sales fell 18% year-on- year to 16,453 units last month; while Isuzu’s sales increased 13.8% to 121,127 units; Honda 10,501 units (+15.4%); Mitsubishi 5,168 units (+62.4%); Nissan 4,436 units (+37.4%), and Ford 4,236 (+21.2%).
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The vehicle market continues to recover from four straight years of decline, which culminated in a 4% drop to 768,788 units last year from peak levels of 1.43m units in 2012.
The market in recent months has been driven higher by a pick-up in economic activity in the country, with GDP growth at 3.7% year-on- year in the second quarter, as well as new model launches and the end of the lock-up period for tax rebates for those who bought cars under the government’s first-time buyer scheme over five years ago.
Vehicle sales in the first seven months of the year were up by 10.7% at 475,154 units, from 429,265 units in the same period of last year.
At the beginning of the year the Federation forecast full-year sales to rise by around 4% to 800,000 units, but these estimates may be revised upwards in view of the market’s strong performance year-to- date.
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