Toyota’s Thai unit sees its 2022 car sales up 18.5%

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.