According to the Federation of Thai Industries (FTI), March vehicle sales in Thailand decreased 29.8% year over year (YoY) to 56,099 units from the same period in 2023. Sales of passenger cars, pure pickups, PPVs, and 5-10-ton trucks all recorded a double-digit YoY drop. In the first quarter of 2024, vehicle sales reached 163,756 units, down 24.6% YoY. According to the FTI, the auto loan rejections were high. The negative factors included (i) financial institutions’ stricter auto loan criteria, (ii) high household debt, (iii) a weak economy, and (iv) a delay in the 2024 fiscal budget that hampered many activities of the public and private segments. The FTI expected to see the local auto market recover in the second half of 2024.
According to data compiled by Toyota Motor Thailand (TMT), by maker sales in March, Toyota (including Lexus) was down 16.1% to 21,582 units. Isuzu was down 48.3% to 8,861 units and Honda was down 19.3% to 8,219 units. Mitsubishi is in the 4th position with 26.0% down to 3,012 units and Ford sales were down 57.2% to 1,745 units. Among other Chinese brands, MG was ranked 6th with 11.0% down to 1,707 units, while BYD was ranked 7th with 53.5% down to 1,132 units.
By body type, passenger cars were down 25.1% year over year to 22,342 units. Commercial vehicle sales were down 32.6% to 33,757 units. Pickup truck (including PPV) sales included in the commercial vehicle sales were down 45.5% to 19,648 units.
The Toyota Hilux was the bestselling model (registration base) in March with 7,790 units, followed by Isuzu D-Max with 6,628 units, Toyota Yaris ATIV with 4,297 units, Toyota Yaris Cross with 3,607 units and Honda City with 3,193 units.
The FTI announced that new vehicle production in March was 138,331 units, down 23.1% YoY. Vehicle production for domestic sales and exports in March 2024 contributed 33.6% and 66.4% respectively. In January-March 2024, vehicle production decreased 18.4% to 414,123 units.
Vehicle exports in March 2024 were 95,089 units, down 3.3% YoY. The FTI also revealed that exports of HEVs reached 4,888 units in March. Despite a YoY decline, the FTI pointed out that monthly vehicle exports figure of over 90,000 units is considered great. Exports to countries that are Thailand’s trading partners, such as Australia, the Philippines, the U.S., Mexico, the UK, etc. increased. However, international conflicts must be monitored, as they may hit vehicle exports. The vehicle export value in March was THB 67.9 billion, up 12.0% year over year. Vehicle exports in the first 3 months of 2024 reached 270,575 units, down 1.2% YoY.