Thailand’s automotive market remains somewhat in a slump. In the first six months of 2023, sales of new vehicles amounted to 406,131 units, representing a 5% drop in performance compared to the same period in 2022, the Federation of Thai Industries (FTI) said.
The key factor in the slump was attributed to the country’s current political uncertainty as well as the strictness in the auto loan approval process from financial institutions amidst a rising household debt that has climbed to 90.6% of the country’s GDP.
Market leaders generally saw a decline in year-on-year numbers, as The Nation reports. Toyota remained in top spot with 136,859 units sold from January to June, but this was 3.6% down for the period year-on-year. Second-placed Isuzu managed 86,281 units, a drop of 21.5% from the first six months of 2022.
Honda baulked that trend, with its 46,134 units representing a 14.9% increase from the first six months of last year. The FTI added that all manufacturers of one-tonne pickup trucks (Toyota, Isuzu, Nissan, and Mitsubishi) saw sales decline in the first half of the year, due to slowing demand.
Electric vehicles (EVs) continued to gain ground. BYD importer Rever Automotive said the Chinese brand had the most registered EVs in Thailand in the first half of the year, with 11,168 units sold. Another Chinese carmaker, Neta, was second with 5,955 units registered this year.
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