The Toyota emblem is seen on the steering wheel of a vehicle during the media day of the 41st Bangkok International Motor Show after the Thai government eased measures to prevent the spread of the coronavirus disease (COVID-19) in Bangkok, Thailand July 14, 2020. REUTERS/Jorge Silva
The Thai unit of Toyota Motor Corp (7203.T) expects its car sales in the Southeast Asian country to rise 18.5% to 284,000 vehicles this year, the company said on Thursday.
Toyota, which commands about a third of the Thai vehicle market, recorded sales of 239,723 in the country, down 1.9% in 2021, President of Toyota Motor Thailand Noriaki Yamashita said in a statement.
The company is targetting car exports of 371,000 vehicles this year, up 27% from 292,000 cars shipped out last year.
“COVID-19 may continue to impact on the Thai economy, but we anticipate that the Thai auto industry would gradually return to normal, with resuming operations of all economic sectors, and also people have learned how to cohabit with the COVID-19 outbreak safely”, Yamashita said.
There will also be a gradual recovery in a shortage of parts supplies, he added.
Thailand is a regional vehicle production and export base for the world’s top carmakers, including Toyota, Honda (7267.T) and Mitsubishi (7211.T).
The industry accounts for about 10% of Thailand’s gross domestic product and its manufacturing jobs. Reporting by Orathai Sriring and Satawasin Staporncharnchai Editing by Ed Davies
This article was originally published by Reuters.
New regime offers up to 50% tax relief, setting the stage for research-led growth and…
Tourism slowdown, real estate stress, and financial volatility drive calls for policy intervention Nearly a…
In a strategic move to reinforce global trade resilience and enhance logistics efficiency, Dubai Chambers,…
Dubai’s once-booming real estate sector is witnessing a sharp slowdown, with property sales dropping by…
Keturah analysis shows developer transaction volume climbed 42% YoY with a week of the month remaining…
In a significant regulatory development, the Enforcement Directorate (ED) has begun scrutinizing Indian residents who…