Automotive sales drop 20 percent in October and Toyota Motors Thailand company reported that sales in the automotive sector in October fell 20.4 percent to 70,850 units.
Vudhigorn Suriyachantananont, senior vice president of Toyota Motors Thailand Co., released the figures.
The sale of passenger cars dropped 28.0 percent to 30,159 units, commercial vehicle sales fell 13.6 percent to 40,691 units, and one ton pickup trucks declined 13.3 percent to 34,220 units. (Pickup trucks are included in the commercial vehicle segment.)
The fall is attributed to high household debt, lower incomes of farmers and the end of the tax rebate under the first-car buyer scheme of the past government.
In the first 10 months of this year automotive sales amounted to 719,260 vehicles dropping by 36.0 percent year-on-year due to economic problems, the delayed recovery of exports, tourism, and inflation.
This resulted in operators and householders alike to be reluctant to invest and spend.
The automotive market is likely to be stable in November as there are signs of domestic economic recovery due to stimulation by the government, the introduction of new vehicle models, and a Motor Expo in late November.
Uncertainty regarding global economic recovery continues to negatively affect exports and the high cost of living is worrying consumers. (MCOT)