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December 23, 2020

Thai vehicle market slightly lower in November

New vehicle sales in Thailand declined just slightly in November 2020, to 79,177 units from 79,299 units in the same month of last year, according to wholesale data compiled by the Federation of Thai Industries (FTI).

By bcusack

New vehicle sales in Thailand declined just slightly in November 2020, to 79,177 units from 79,299 units in the same month of last year, according to wholesale data compiled by the Federation of Thai Industries (FTI).

The vehicle market has become much more stable in the last few months, albeit against weak year-earlier volumes, following very sharp falls earlier in the year. Day-to-day domestic economic activity in the country has largely returned to normal after the government eased social and business restrictions towards the end of the second quarter as the threat of COVID-19 receded.

The economy is still under significant pressure from weak private consumption and investment, however, while business and consumer confidence remains weak. Export demand is under pressure from continuing lockdowns in many key overseas markets, while the travel and tourism sector remains depressed due to restrictions on foreign tourism. GDP fell by 6.4% in the third quarter, compared with a more than 12% decline in the second quarter.

Toyota reported a 3.9% sales increase to 28,191 units in November and Isuzu's sales jumped by almost 20% to 17,577 units, while Honda's sales were just slightly higher at 8,908 units. Mitsubishi's sales fell by over 5% to 6,050 units, while Nissan's sales plunged by over 23% to 3,836 units.

Total vehicle sales in the first eleven months of 2020 were down by over 24% at 696,510 units from 917,997 units in the same period of last year.

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