Thailand - Automotive Sales volume, 2024

Flash report, February 2024

Mar 26, 2024

*There are cases where recently released data and detailed information in the database do not match up for reasons including different information sources, and discrepancies between preliminary reports and confirmed data.

February vehicle sales in Thailand down 26.1%, production down 19.3% (detailed report)
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.

Thailand - Production and Retail Sales of new vehicles

	Feb. 2024	Growth Y-o-Y (%)	Jan.-Feb. 2023	Growth YTD (%)
Production	133,690	-19.3%	275,792	-15.9%
Domestic Sales	52,843	-26.1%	107,657	-21.5%
Export (CBU)	88,720	0.2%	175,436	0.1%

Source: FTI (Federation of Thai Industries), various media reports

New vehicle retail sales by major makers

Maker/Brand	2024		2023		Y-o-Y	2024		2023		Y-o-Y
	Feb.	Share	Feb.	Share		Jan.-Feb.	Share	Jan.-Feb.	Share
Toyota *	19,702	37.3%	25,612	35.8%	-23.1%	37,228	34.6%	49,408	36.0%	-24.7%
Honda	8,587	16.3%	8,705	12.2%	-1.4%	16,885	15.7%	15,776	11.5%	7.0%
Isuzu	7,653	14.5%	15,375	21.5%	-50.2%	15,583	14.5%	30,026	21.9%	-48.1%
Mitsubishi	2,655	5.0%	3,606	5.0%	-26.4%	4,575	4.2%	6,890	5.0%	-33.6%
Ford	2,206	4.2%	3,593	5.0%	-38.6%	4,189	3.9%	6,970	5.1%	-39.9%
MG	1,614	3.1%	2,223	3.1%	-27.4%	3,125	2.9%	4,456	3.2%	-29.9%
BYD	1,109	2.1%	2,068	2.9%	-46.4%	8,915	8.3%	3,108	2.3%	186.8%
Nissan	945	1.8%	1,516	2.1%	-37.7%	1,948	1.8%	3,216	2.3%	-39.4%
GWM	943	1.8%	775	1.1%	21.7%	1,613	1.5%	1,608	1.2%	0.3%
Mazda	722	1.4%	1,357	1.9%	-46.8%	1,510	1.4%	2,713	2.0%	-44.3%
Others	6,707	12.7%	6,721	9.4%	-0.2%	12,086	11.2%	12,959	9.5%	-6.7%
Total	52,843	100.0%	71,551	100.0%	-26.1%	107,657	100.0%	137,130	100.0%	-21.5%

* Includes sales volume of the Lexus.

Passenger Cars

Maker/Brand	2024		2023		Y-o-Y	2024		2023		Y-o-Y
	Feb.	Share	Feb.	Share		Jan.-Feb.	Share	Jan.-Feb.	Share
Toyota *	4,880	24.6%	9,463	38.1%	-48.4%	10,025	23.2%	18,127	38.0%	-44.7%
Honda	4,721	23.8%	5,660	22.8%	-16.6%	9,329	21.6%	10,733	22.5%	-13.1%
Mitsubishi	1,705	8.6%	1,873	7.5%	-9.0%	2,915	6.7%	3,429	7.2%	-15.0%
MG	1,271	6.4%	1,324	5.3%	-4.0%	2,437	5.6%	2,806	5.9%	-13.2%
BYD	870	4.4%	-	-%	-%	7,084	16.4%	-	-%	-%
Neta	698	3.5%	652	2.6%	7.1%	937	2.2%	1,565	3.3%	-40.1%
GWM	483	2.4%	124	0.5%	289.5%	728	1.7%	304	0.6%	139.5%
Suzuki	379	1.9%	781	3.1%	-51.5%	764	1.8%	1,556	3.3%	-50.9%
Mazda	371	1.9%	646	2.6%	-42.6%	770	1.8%	1,183	2.5%	-34.9%
Nissan	352	1.8%	557	2.2%	-36.8%	696	1.6%	1,064	2.2%	-34.6%
Porsche	224	1.1%	121	0.5%	85.1%	310	0.7%	265	0.6%	17.0%
Hyundai	58	0.3%	-	-%	-%	144	0.3%	-	-%	-%
KIA	36	0.2%	102	0.4%	-64.7%	114	0.3%	137	0.3%	-16.8%
Others	3,813	19.2%	3,564	14.3%	7.0%	7,020	16.2%	6,562	13.7%	7.0%
Total	19,861	100.0%	24,867	100.0%	-20.1%	43,273	100.0%	47,731	100.0%	-9.3%

* Includes sales volume of the Lexus.

Commercial vehicles (incl. 1-ton pickups and SUVs)

Maker/Brand	2024		2023		Y-o-Y	2024		2023		Y-o-Y
	Feb.	Share	Feb.	Share		Jan.-Feb.	Share	Jan.-Feb.	Share
Toyota *	14,822	44.9%	16,149	34.6%	-8.2%	27,203	42.3%	31,281	35.0%	-13.0%
Isuzu	7,653	23.2%	15,375	32.9%	-50.2%	15,583	24.2%	30,026	33.6%	-48.1%
Honda	3,866	11.7%	3,045	6.5%	27.0%	7,556	11.7%	5,043	5.6%	49.8%
Ford	2,205	6.7%	3,590	7.7%	-38.6%	4,187	6.5%	6,966	7.8%	-39.9%
Mitsubishi	950	2.9%	1,733	3.7%	-45.2%	1,660	2.6%	3,461	3.9%	-52.0%
Nissan	593	1.8%	959	2.1%	-38.2%	1,252	1.9%	2,152	2.4%	-41.8%
Hino	477	1.4%	800	1.7%	-40.4%	1,005	1.6%	1,273	1.4%	-21.1%
GWM	460	1.4%	651	1.4%	-29.3%	885	1.4%	1,304	1.5%	-32.1%
Mazda	351	1.1%	711	1.5%	-50.6%	740	1.1%	1,530	1.7%	-51.6%
MG	343	1.0%	899	1.9%	-61.8%	688	1.1%	1,650	1.8%	-58.3%
BYD	239	0.7%	2,068	4.4%	-88.4%	1,831	2.8%	3,108	3.5%	-41.1%
Hyundai	214	0.6%	299	0.6%	-28.4%	480	0.7%	768	0.9%	-37.5%
Suzuki	126	0.4%	225	0.5%	-44.0%	211	0.3%	463	0.5%	-54.4%
Subaru	99	0.3%	139	0.3%	-28.8%	160	0.2%	278	0.3%	-42.4%
CP Foton	32	0.1%	14	0.0%	128.6%	44	0.1%	32	0.0%	37.5%
Peugeot	25	0.1%	26	0.1%	-3.8%	45	0.1%	61	0.1%	-26.2%
Others	527	1.6%	1	0.0%	52600.0%	854	1.3%	3	0.0%	28366.7%
Total	32,982	100.0%	46,684	100.0%	-29.4%	64,384	100.0%	89,399	100.0%	-28.0%

* Includes sales volume of the Lexus.

1-ton pickups (incl. PPV)

Maker/Brand	2024		2023		Y-o-Y	2024		2023		Y-o-Y
	Feb.	Share	Feb.	Share		Jan.-Feb.	Share	Jan.-Feb.	Share
Toyota	8,661	46.0%	13,582	40.4%	-36.2%	16,619	45.2%	26,184	40.0%	-36.5%
Isuzu	6,690	35.5%	14,134	42.0%	-52.7%	13,616	37.0%	27,677	42.3%	-50.8%
Ford	2,205	11.7%	3,590	10.7%	-38.6%	4,187	11.4%	6,966	10.7%	-39.9%
Mitsubishi	949	5.0%	1,729	5.1%	-45.1%	1,652	4.5%	3,446	5.3%	-52.1%
Nissan	271	1.4%	401	1.2%	-32.4%	547	1.5%	768	1.2%	-28.8%
MG	39	0.2%	126	0.4%	-69.0%	89	0.2%	220	0.3%	-59.5%
Mazda	24	0.1%	73	0.2%	-67.1%	67	0.2%	145	0.2%	-53.8%
Total	18,839	100.0%	33,635	100.0%	-44.0%	36,777	100.0%	65,406	100.0%	-43.8%

SUV

Maker/Brand	2024		2023		Y-o-Y	2024		2023		Y-o-Y
	Feb. *1	Share	Feb. *1	Share		Jan.-Feb. *1	Share	Jan.-Feb. *1	Share
Toyota *	5,469	46.8%	1,937	19.7%	182.3%	9,254	41.2%	3,659	20.6%	152.9%
Honda	3,866	33.1%	3,045	30.9%	27.0%	7,556	33.6%	5,043	28.4%	49.8%
GWM	460	3.9%	651	6.6%	-29.3%	885	3.9%	1,304	7.3%	-32.1%
Mazda	327	2.8%	638	6.5%	-48.7%	673	3.0%	1,385	7.8%	-51.4%
Nissan	321	2.7%	527	5.4%	-39.1%	703	3.1%	1,337	7.5%	-47.4%
MG	304	2.6%	773	7.9%	-60.7%	599	2.7%	1,430	8.0%	-58.1%
Subaru	99	0.8%	139	1.4%	-28.8%	160	0.7%	278	1.6%	-42.4%
Hyundai	25	0.2%	32	0.3%	-21.9%	46	0.2%	151	0.8%	-69.5%
Peugeot	25	0.2%	26	0.3%	-3.8%	45	0.2%	61	0.3%	-26.2%
Suzuki	12	0.1%	-	-%	-%	13	0.1%	-	-%	-%
Others	1	0.0%	5	0.1%	-80.0%	10	0.0%	17	0.1%	-41.2%
BYD	N/A	-%	N/A	-%	-%	N/A	-%	N/A	-%	-%
Changan	N/A	-%	N/A	-%	-%	N/A	-%	N/A	-%	-%
GAC	N/A	-%	N/A	-%	-%	N/A	-%	N/A	-%	-%
Total	11,675	100.0%	9,841	100.0%	18.6%	22,487	100.0%	17,773	100.0%	26.5%

Source: Toyota Motor Thailand Co., Ltd. (TMT)
*1 Data announced by TMT.
* Y-o-Y is based on MarkLines' own calculation.

Thailand - Top 10 best selling models

-	Maker/Brand	Model	Feb. 2024	Feb. 2023	Y-o-Y	Jan.-Feb. 2024	Jan.-Feb. 2023	Y-o-Y
1	Toyota	Hilux	8,071	11,513	-29.9%	17,425	24,529	-29.0%
2	Isuzu	D-Max	6,822	14,786	-53.9%	16,147	30,838	-47.6%
3	Toyota	Yaris ATIV	4,741	4,958	-4.4%	10,689	9,512	12.4%
4	Honda	City	3,591	4,820	-25.5%	7,674	9,554	-19.7%
5	Toyota	Yaris Cross	2,934	-	-%	6,157	-	-%
6	Honda	HR-V	2,574	2,008	28.2%	5,318	3,975	33.8%
7	Ford	Ford Ranger	2,094	3,476	-39.8%	4,450	6,715	-33.7%
8	Toyota	Fortuner	1,650	3,065	-46.2%	3,622	6,155	-41.2%
9	Honda	CR-V	1,438	188	664.9%	3,494	398	777.9%
10	Toyota	Corolla Cross	1,393	2,186	-36.3%	3,480	4,338	-19.8%

Source: MarkLines Data Center

Flash report, January 2024

Feb 27, 2024

*There are cases where recently released data and detailed information in the database do not match up for reasons including different information sources, and discrepancies between preliminary reports and confirmed data.

January vehicle sales in Thailand down 16.4%, production down 12.5% (detailed report)
According to the Federation of Thai Industries (FTI), January vehicle sales in Thailand decreased 16.4% year over year to 54,814 units. The decline followed semiconductor shortage issue that caused delays in the delivery of some car models. While sales of passenger cars in January saw a YoY growth, sales of pure pickups noted around 43.5% drop following a stringent requirement of financial institutions for an auto loan and high household debt. Sales of PPVs also declined 43.9% YoY as there was no interesting new PPV model released recently, while some customers preferred new hybrid SUVs with affordable prices instead. Other negative factors included an economic slowdown and a delay in the 2024 fiscal budget.
According to data compiled by Toyota Motor Thailand (TMT), by maker sales in January, Toyota was down 26.3% to 17,526 units. Honda was up 17.4% to 8,298 units and Isuzu was down 45.9% to 7,930 units. BYD sales were up 650.6% to 7,806 units, and Ford sales were down 41.3% to 1,983 units.
By body type sales in January, passenger cars were up 2.4% year over year to 23,412 units, while commercial vehicles were down 26.5% to 31,402 units. Pickup sales included in the commercial vehicle sales were down 43.5% to 17,938 units.
The Toyota Hilux was the best-selling model in January with 9,354 units, followed by Isuzu D-Max with 9,325 units, Toyota Yaris ATIV with 5,948 units, Honda City with 4,083 units and Toyota Yaris Cross with 3,223 units. BYD Dolphin and Seal ranked sixth and seventh with 3,175 units and 3,008 units, respectively.
New vehicle production in January decreased 12.5% to 142,102 units. Vehicle production for domestic sales and exports in January 2024 contributed 33.07% and 66.93% respectively. In January 2024, production of both 1-ton pickups and passenger cars witnessed a drop YoY.
Vehicle exports in January decreased 0.1% to 86,716 units, valued at THB 60.6 billion, up 15.0%. Exports to Asia, Africa, and North America saw a YoY decline, following the insufficient vessel space issue.
FTI anticipates growth of 3.2% in local car production in 2023 with 1.90 million units (1.15 million units for exports and 750,000 units to be sold locally).

Thailand - Production and Sales of new vehicles

	Jan. 2024	Growth Y-o-Y (%)
Production	142,102	-12.5%
Domestic Sales	54,814	-16.4%
Export (CBU)	86,716	-0.1%

Source: FTI (Federation of Thai Industries), various media reports

New vehicle sales by major makers

Maker/Brand	2024		2023		Y-o-Y
	Jan.	Share	Jan.	Share
Toyota *	17,526	32.0%	23,796	36.3%	-26.3%
Honda	8,298	15.1%	7,071	10.8%	17.4%
Isuzu	7,930	14.5%	14,651	22.3%	-45.9%
BYD	7,806	14.2%	1,040	1.6%	650.6%
Ford	1,983	3.6%	3,377	5.1%	-41.3%
Mitsubishi	1,920	3.5%	3,284	5.0%	-41.5%
MG	1,511	2.8%	2,233	3.4%	-32.3%
Nissan	1,003	1.8%	1,700	2.6%	-41.0%
Mazda	788	1.4%	1,356	2.1%	-41.9%
GWM	670	1.2%	833	1.3%	-19.6%
Others	5,379	9.8%	6,238	9.5%	-13.8%
Total	54,814	100.0%	65,579	100.0%	-16.4%

* Includes sales volume of the Lexus.

Passenger Cars

Maker/Brand	2024		2023		Y-o-Y
	Jan.	Share	Jan.	Share
BYD	6,214	26.5%	-	-%	-%
Toyota *	5,145	22.0%	8,664	37.9%	-40.6%
Honda	4,608	19.7%	5,073	22.2%	-9.2%
Mitsubishi	1,210	5.2%	1,556	6.8%	-22.2%
MG	1,166	5.0%	1,482	6.5%	-21.3%
Mazda	399	1.7%	537	2.3%	-25.7%
Suzuki	385	1.6%	775	3.4%	-50.3%
Nissan	344	1.5%	507	2.2%	-32.1%
GWM	245	1.0%	180	0.8%	36.1%
Neta	239	1.0%	913	4.0%	-73.8%
Porsche	86	0.4%	144	0.6%	-40.3%
Hyundai	86	0.4%	-	-%	-%
KIA	78	0.3%	35	0.2%	122.9%
Others	3,207	13.7%	2,998	13.1%	7.0%
Total	23,412	100.0%	22,864	100.0%	2.4%

* Includes sales volume of the Lexus.

Commercial vehicles (incl. 1-ton pickups and SUVs)

Maker/Brand	2024		2023		Y-o-Y
	Jan.	Share	Jan.	Share
Toyota *	12,381	39.4%	15,132	35.4%	-18.2%
Isuzu	7,930	25.3%	14,651	34.3%	-45.9%
Honda	3,690	11.8%	1,998	4.7%	84.7%
Ford	1,982	6.3%	3,376	7.9%	-41.3%
BYD	1,592	5.1%	1,040	2.4%	53.1%
Mitsubishi	710	2.3%	1,728	4.0%	-58.9%
Nissan	659	2.1%	1,193	2.8%	-44.8%
Hino	528	1.7%	473	1.1%	11.6%
GWM	425	1.4%	653	1.5%	-34.9%
Mazda	389	1.2%	819	1.9%	-52.5%
MG	345	1.1%	751	1.8%	-54.1%
Hyundai	266	0.8%	469	1.1%	-43.3%
Suzuki	85	0.3%	238	0.6%	-64.3%
Subaru	61	0.2%	139	0.3%	-56.1%
Peugeot	20	0.1%	35	0.1%	-42.9%
CP Foton	12	0.0%	18	0.0%	-33.3%
Others	327	1.0%	2	0.0%	16250.0%
Total	31,402	100.0%	42,715	100.0%	-26.5%

* Includes sales volume of the Lexus.

1-ton pickups (incl. PPV)

Maker/Brand	2024		2023		Y-o-Y
	Jan.	Share	Jan.	Share
Toyota	7,958	44.4%	12,602	39.7%	-36.9%
Isuzu	6,926	38.6%	13,543	42.6%	-48.9%
Ford	1,982	11.0%	3,376	10.6%	-41.3%
Mitsubishi	703	3.9%	1,717	5.4%	-59.1%
Nissan	276	1.5%	367	1.2%	-24.8%
MG	50	0.3%	94	0.3%	-46.8%
Mazda	43	0.2%	72	0.2%	-40.3%
Total	17,938	100.0%	31,771	100.0%	-43.5%

SUV

Maker/Brand	2024		2023		Y-o-Y
	Jan.	Share	Jan.	Share
Toyota	3,785	35.0%	1,722	21.7%	119.8%
Honda	3,690	34.1%	1,998	25.2%	84.7%
GWM	425	3.9%	653	8.2%	-34.9%
Nissan	382	3.5%	810	10.2%	-52.8%
Mazda	346	3.2%	747	9.4%	-53.7%
MG	295	2.7%	657	8.3%	-55.1%
Subaru	61	0.6%	139	1.8%	-56.1%
Hyundai	21	0.2%	119	1.5%	-82.4%
Peugeot	20	0.2%	35	0.4%	-42.9%
BYD	N/A	-%	N/A	-%	-%
GAC	N/A	-%	N/A	-%	-%
Others	10	0.1%	12	0.2%	-16.7%
Total *1	10,812	100.0%	7,932	100.0%	36.3%

Source: Toyota Motor Thailand Co., Ltd. (TMT)
*1 Data announced by TMT.
* Y-o-Y is based on MarkLines' own calculation.

Thailand - Top 10 best selling models

-	Maker/Brand	Model	Jan. 2024	Jan. 2023	Y-o-Y
1	Toyota	Hilux	9,354	13,016	-28.1%
2	Isuzu	D-Max	9,325	16,052	-41.9%
3	Toyota	Yaris ATIV	5,948	4,554	30.6%
4	Honda	City	4,083	4,734	-13.8%
5	Toyota	Yaris Cross	3,223	-	-%
6	BYD Auto	Dolphin	3,175	-	-%
7	BYD Auto	Haibao/Seal	3,008	-	-%
8	Honda	HR-V	2,744	1,967	39.5%
9	Ford	Ford Ranger	2,356	3,239	-27.3%
10	Toyota	Corolla Cross	2,087	2,152	-3.0%

Source: MarkLines Data Center