Global auto market | Thailand's September car sales show severe decline
Produced by ZhiNeng Tech
Federation of Thai Industries (FTI)'s Automotive Industry Club reported that Thailand's auto sector saw a sharp decline in sales during the first nine months of 2024.
● During this nine-month period, only about 438,000 vehicles were sold, a 25% drop compared to the same period last year.
● In September, sales plummeted to 39,000 units, marking the first time in 51 months that monthly sales fell below 40,000 since April 2020, when COVID-19 impacted sales to just 30,109 units.
The sales slump is attributed to stricter loan standards imposed by financial institutions to control non-performing loans. By the end of Q2 this year, non-performing loans in the auto sector surged 29.7% YoY, exceeding 254.48 billion THB. As a result, domestic automakers also reduced production by 20% YoY.
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Overview of Thailand's Auto Industry
In the EV segment, while August registrations contracted 3% YoY, the total volume for the first eight months still grew 17% compared to last year.
However, given the current situation, the Automotive Industry Club has revised this year's EV sales forecast from 100,000 units to 76,000 units, matching last year's figure.
Surapong stated that the industry hopes the government's economic stimulus measures and fiscal year 2025 spending starting in October will drive more investment, employment, and domestic consumption. Thailand's auto market faces severe challenges, and stakeholders are eagerly awaiting a turnaround to return to growth.
In September's auto sales market,
● Toyota led with 18,870 units sold.
● Isuzu and Honda followed with 6,060 and 5,725 units, respectively.
● Mitsubishi and Ford sold 2,527 and 1,974 units, respectively.
● Chinese brands BYD and MG also performed well, with 1,363 and 1,205 units sold, respectively.
● Other brands like BMW, Mazda, and NETA also secured their place in the market.
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Performance of Chinese Automakers
Chinese automakers face a slightly awkward situation in Thailand. With the current economic downturn, consumer demand hasn't been strong.
● BYD sold 1,363 units,
● MG sold 1,205 units,
● NETA sold 724 units,
● GAC Aion sold 391 units,
● Deepal sold 337 units,
● Haval sold 206 units,
● Ora sold 160 units.
Summary
Thailand is a crucial market for us, and these numbers are far from ideal.
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