Posted on 17 Nov 2008
Thai car sales fell 15.4% in October
Thailand’s car sales fell 15.4% in October in the steepest loss of the year, apparently triggered by the global financial crisis, carmaker Toyota said on Saturday.
The Japanese carmaker, which as the largest carmaker in Thailand compiles industry-wide monthly data, blamed eroding consumer confidence for five months of losses.
“Sales have plunged because of the financial crisis in the United States and uncertainties over Thai politics, coupled with the fact that the consumer confidence index hit a new low,” Toyota Motor Thailand said in a statement.
Total car sales in October reached 48,942 units with passenger car sales rising 20.4%. But commercial vehicle sales, which make up a far greater share of the market, fell 28.3% and dragged overall figures down.
Three Japanese vehicle makers, Toyota, Isuzu and Honda account for 79.8% of Thailand’s total car market.
Toyota predicted car sales in November would continue to shrink and the company has revised down its sales target for this year from 700,000 to 650,000 units, still 3.0% higher than last year.
