Domestic car sales to remain subdued in September
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Domestic car sales are expected to remain subdued in September despite the new economic stimulus measures, said a Toyota executive.
Vudhigorn Suriyachantananont, senior vice president of Toyota Motor Thailand, said that such measures would not boost car sales given economic uncertainties at home and overseas.
"Such stimulus measures are expected to boost confidence among investors and consumers. However, given lingering concerns about global and domestic economic conditions, the domestic market should remain unchanged," he said.
According to data compiled by Toyota Motor Thailand, 61,991 vehicles were sold in August, a 9.9 per cent decrease from the same period last year. The fall was attributed to a 24 per cent drop in passenger car sales. Commercial vehicle sales rose by 0.9 per cent - the first increase in 28 months, thanks to the launch of new models.
Financial institutions reportedly remained careful in lending car loans, while consumers still tightened their belt.
The number of vehicles sold in the first eight months of this year was down by 15.1 per cent from the same period last year, to 491,963 units.
The passenger car segment showed a 21.2 per cent drop, while the commercial vehicle segment posted a 10.7 per cent decrease.
