The company, currently the market leader, aims to secure sales of 277,000 units this year, an increase of 4% year-on-year, and maintain its top position with a market share of 34.6%.
Toyota is forecasting sales of 503,500 commercial vehicles and 296,500 passenger cars, an increase of 4% and 1% from the previous year, respectively.
Japanese automakers are contributing to the rise in consumer spending thanks to a recovery in the tourism industry, job growth, increased investment in infrastructure projects, and supportive government policies, especially economic stimulus and the promotion of electric vehicles. .
However, potential challenges include global economic conditions affecting exports, Thailand’s high household debt levels, and uncertainty related to policy interest rates.
In the export market, Toyota aims to reduce the number of completed cars shipped from Thailand by 5% from the previous year to 358,800 units. The company has set its total production target in Thailand for 2024 at 615,700 units, down 0.9% from the previous year.
In 2023, Thailand’s automobile market recorded sales of 775,780 units, down 9% from the previous year. On the other hand, Toyota sold 265,949 vehicles last year, down 8% from the previous year, securing a market share of 34.3%.
The company cited slow economic recovery, high household debt, and strict policies adopted by financial institutions for auto loans as the causes of last year’s slump in sales.
However, 2023 will be the first time that Lexus, a sub-brand of Toyota, has sold more than 1,000 units in Thailand.