D-MAX (Isuzu)

According to the Federation of Thai Industries (FTI), February vehicle sales in Thailand decreased 26.1% year over year (YoY) to 52,843 units from the same period in 2023. The key negative factors pointed out by the FTI were still a stringent requirement of financial institutions for an auto loan and high household debt, an economic slowdown, and a delay in the 2024 fiscal budget. In February 2024, sales of passenger cars, pure pickups, PPVs, and 5-10 ton trucks all recorded a YoY drop.

According to data compiled by Toyota Motor Thailand (TMT), by maker sales in February, Toyota (including Lexus) was down 23.1% to 19,702 units. Honda was down 1.4% to 8,587 units and Isuzu was down 50.2% to 7,653 units. Mitsubishi is in the 4th position with 26.4% down to 2,655 units and Ford sales were down 38.6% to 2,206 units. Among other Chinese brands, BYD was ranked 7th with 46.4% down to 1,109 units, while Great Wall Motor (GWM) was ranked 9th with 21.7% up to 943 units.

By body type, passenger cars were down 20.1% year over year to 19,861 units. Commercial vehicle sales were down 29.4% to 32,982 units. Pickup truck (including PPV) sales included in the commercial vehicle sales were down 44.0% to 18,839 units.

The Toyota Hilux was the bestselling model (registration base) in February with 8,071 units, followed by Isuzu D-Max with 6,822 units, Toyota Yaris ATIV with 4,741 units, Honda City with 3,591 units and Toyota Yaris Cross with 2,934 units and The FTI announced that new vehicle production in February was 133,690 units, down 19.3% YoY. Vehicle production for domestic sales and exports in February 2024 contributed 35.1% and 64.9% respectively. In January-February 2024, vehicle production decreased 15.9% to 275,792 units.

Vehicle exports in February 2024 were 88,720 units, up 0.2% YoY. In February, exports to Asia, the Middle East, Africa, and Europe saw a YoY decline, as some of the countries that are Thailand’s trading partners witnessed an economic slowdown. Moreover, due to the Red Sea crisis, shipping took longer time as shipping companies, for their safety, preferred to sail around the Cape of Good Hope instead. The vehicle export value in February was THB 60.6 billion, up 10.7% year over year. Vehicle exports in the first 2 months of 2024 reached 175,436 units, up 0.1% YoY.

From March 27 to April 7, 2024, Thailand's 45th Bangkok International Motor Show (45th BIMS) was held under the theme concept of "The Mobility of Joyful Experiences" (Press Day: March 25-26).

100% of exhibition space were fully booked. International automotive brands joining this event included Aion, Audi, Bentley, BMW, BYD, Changan, Fire Bright, Ford, GWM, Honda, Hyundai, Honri, Isuzu, Jeep, KIA, Lexus, Lotus, Maserati, Mazda, Mercedes-Benz, MG, MINI, Mitsubishi, Neta, Nexpoint, Nissan, Peugeot, Pocco, Porsche, Rolls-Royce, Suzuki, Toyota, Vinfast, Volvo, Xpeng, and Zeekr. Meanwhile, the 2-wheeler brands included BMW Motorrad, Zeeho/CF Moto, Harley-Davidson, Honda, Kawasaki, Royal Enfield, Suzuki, Triumph, Yamaha, etc.

The highlights of this show included Hyper Concept models, such as Mercedes-Benz Vision ONE-ELEVEN, Nissan Hyper Tourer Concept, along with other BEV models such as Changan Lumin Mini EV, MG Cyberster, VinFast VF 7, VinFast VF Wild Pickup Concept, Honda e:N1, Isuzu D-Max EV Concept, Toyota Hilux Revo BEV Concept, Neta V-II, Xpeng G6, Zeekr X, and electrified models such as GWM Poer Sahar HEV, Suzuki XL7 HEV, etc.

The number of visitors and vehicle reservations are both expected to grow around 15%-20% from 44th BIMS (2023).

Announced on March 19, 2024, Isuzu Motor expressed the company's readiness to support the Thai government’s intention to achieve the carbon neutrality goal by 2050, and net-zero carbon emissions by 2065, as well as the goal of turning Thailand into an EV manufacturing hub, through Isuzu’s “Multi-pathways to Carbon Neutrality”.

The commercial vehicle company aims to develop vehicles with various power sources, not only BEVs and FCEVs but also those run on Carbon Neutral Fuel, Hydrotreated Vegetable Oil (HVO), and e-Fuel.

At the press conference in Thailand, Isuzu also showcased 4 models, including Isuzu D-Max EV Concept, Isuzu D-Max Hi-Lander 4-door MHEV, Isuzu Elf EV, and Isuzu Elf FCEV.

(From Tri Petch Isuzu Sales Thailand press release on March 19, 2024)