🚖IHS Markit Automotive today
Thai new vehicle sales surge 20.6% y/y in November; Toyota Thailand starts EV sharing service.
Thai new vehicle sales surged 20.6% year on year (y/y) during November to 78,082 units, with passenger vehicle volumes up 34.9% y/y and commercial vehicle sales up 12.5% y/y.
IHS Markit perspective
Implications: The Thai new vehicle market grew for the 11th consecutive month during November, mainly thanks to new model launches, the expiry of the five-year lock-up period for vehicles bought under the first-time car buyer scheme, improved private investment, and increased government spending.
Automakers intend to fight for control of the local market by bringing out new models and expanding their dealership networks.
Outlook: IHS Markit forecasts that Thai light-vehicle sales will grow by 8.6% y/y to 787,896 units in 2017. This is further expected to grow by 8.0% y/y to 850,564 units in 2018.
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