Toyota forecasts car sales in Thailand would improve

BANGKOK, Jan 22 (TNA) -- Car sales in Thailand would pick up in the next two years, says Kyoichi Tanada, president of Toyota Motor Thailand Co, Ltd. Admitting that current global poor economy along with declining oil prices and the increase in car excise tax imposed by the Thai government since this January 1 have impacted car sales, including Toyota which remains champion in terms of sales in Thailand, Mr Tanada said total car sales in Thailand in 2016 are projected at 720,000 units, down 10 per cent from last year. Many buyers purchased new cars late last year before the new excise tax becomes effective, said Mr Tanada, adding that he believed that people’s purchasing power would improve in the next two years. Car sales may increase between 900,000 to one million units by then, he said. It is hoped that global economy, including China, would improve in 2018. Mr Tanada said his company has set sales target this year at 240,000 units, comprising 89,000 passenger cars and 151,000 commercial cars, down 15.3 and 6 per cent respectively from 2015. Toyota plans to export 370,000 cars this year, unchanged from 2015, with earnings of about 206.5 billion baht, said Mr Tanada. The company plans to shift its export market to countries in Europe and Oceania after global sluggish economy and falling oil prices have affected purchasing orders of its customers in the Middle East, he added. (TNA)