Thailand Auto Sales to Decline for Fourth Year on China Slowdown
- Toyota expects Thai vehicle sales to drop 9 percent in 2016
- Company says Thai car demand may recover in two years
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China’s economic slowdown is affecting its Asian neighbors and hitting vehicle sales in Thailand, with Toyota Motor Corp. expecting industry demand to fall for a fourth straight year.
Industry auto sales will decline 9 percent to 720,000 units this year, Kyoichi Tanada, president of Toyota’s Thai unit, told reporters in Bangkok on Thursday. The prediction is gloomier than estimates by consulting firm Frost & Sullivan, which recently forecast vehicle sales will drop 1.3 percent to 780,000 units on weak consumer spending, challenges in the exports sector and global economic volatility.