Vehicle sales in Thailand rose by 6.9% year-on-year in May to 54,910 units, as demand for small, fuel-efficient vehicles continued to rise.
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The overall market has been affected by rising oil prices, according to a Toyota statement, with rising inflation and high diesel prices holding back truck sales in particular.
Sales growth is expected to continue to weaken in the near term as consumer spending power continues to be eroded. Nevertheless, cumulative sales for the January-May period reached 271,367 units – 13.4% higher than the year-earlier period.
Toyota so far has not revised its 700,000-unit sales forecast for the entire Thai vehicle market – 11% higher than in 2007. After two years of moderate decline, there is some underlying strength in the market.
Tony Pugliese
