Dow Jones reports that new vehicle sales in Thailand during July jumped 32.8% over last year to 45,632 units. The report said that high growth is being driven by aggressive promotions and low interest rates, which are boosting sales through loan finance.

The strong July result means that overall new vehicle sales in the first seven months of the year are 291,969 units, up 35.2% from the same period a year earlier.

The report added that new vehicle sales this year could reach 500,000 units, which compares with 409,362 units last year.

The overall commercial vehicle segment, which includes the one-ton pickup trucks, grew 33.1% to 30,726 units in July, according to the report. The pickup market was dominated by Isuzu and Toyota.

Passenger car sales increased by 32.1% to 14,906 units in July, led by Toyota and Honda, with market shares of 47% and 34.1%.