BANGKOK, Nov 25 –Toyota Motors Thailand company reported that sales in the automotive sector in October fell 20.4 per cent to 70,850 units.
Operators hope a motor expo will stimulate the automotive market late this year.
Vudhigorn Suriyachantananont, senior vice president of Toyota Motors Thailand Co, shared the figures.
The sale of passenger cars dropped 28.0 per cent to 30,159 units, commercial vehicle sales fell 13.6 per cent to 40,691 units, and one ton pickup trucks declined 13.3 per cent to 34,220 units. Pickup trucks are included in the commercial vehicle segment.
The fall iss attributed to high household debt, lower incomes of farmers and the end of a 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 per cent year-on-year due to economic problems, the delayed recovery of exports, tourism, and inflation are contribute to the slowdown.
Those caused 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.
These are likely to pressure the automotive market in November.