The Xinhua News Agency reports that sales of new vehicles in Thailand increased by 37.8% to 409,362 units at the end of last year, the highest figure since 1997, citing Toyota Motor Thailand as source.
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The report indicates that sales were particularly strong in December and analysts said that pent-up demand for vehicles, low interest rates, the introduction of new models and a very competitive environment for car financing all played a role in 2002’s growth.
The newspaper said analysts also expected the momentum to continue in 2003.
The Xinhua report also said that Toyota’s data indicated that demand for commercial vehicles grew by 47% to 283,009 units last year, reflecting the ‘solid recovery of the domestic economy’. Passenger car sales were up 20.9% to 126,353 units in 2002 according to Toyota.
Thailand’s vehicle market is dominated by light trucks and pick-ups – which enjoy tax advantages over passenger cars.
