Mercedes-Benz Leasing (Thailand) said its vehicle lending portfolio is expected to expand by over 10% in 2015, with economic recovery expected to help increase demand for Mercedes vehicles.

Managing director Supavut Jiramanusnakorn said the country now has a fully functioning government that can implement policies and disburse budgets and this will help economic growth next year.

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He added that economic recovery had already begun, starting from the fourth quarter of 2014.

The company’s loan portfolio is expected to grow by up to 25% to close to THB25bn (US$772bn) this year, despite the sharp contraction in the country’s vehicle market.

Mercedes-Benz sales in Thailand increased by 11% to 7,614 vehicles in the first nine months of the year, in a vehicle market that contracted by over 37% overall. This comes after sales of 10,144 units in 2013 and 6,513 units in 2012.

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