New-car sales in Southeast Asia rose 4% to 256,647 units in April for a sixth consecutive month of year-on-year increases, despite a slower pace of gains than in February and March.
Thailand saw the biggest jump, as the region’s second-largest auto market logged a 15% overall increase aided by a 23% boost in passenger-car sales.
The country continued its recovery, achieving a fourth straight month of double-digit growth. Automakers such as market leader Toyota Motor and fourth-ranked Mitsubishi Motors bolstered their market shares.
Sales rose 6% in Indonesia, Southeast Asia’s largest market, but fell in Vietnam and Singapore.
Malaysian sales inched up just 1%. Car production declined in April, possibly suggesting that automakers are growing skeptical of sales prospects in the country.
Zhejiang Geely Holding Group, the parent of major Chinese automaker Geely, plans to invest in ailing Malaysian car maker Proton Holdings.
Southeast Asian new-car sales soared 14% for both February and March. Japanese automakers account for 80% of the region’s market share.
Large Shopping Malls in Bangkok Will Be Closed until July 25th
Shopping malls under the Mall Group, including all branches of The Mall, the Emporium, Emquartier and Paragon Department Store, are also closed for 14 days, from today, except for supermarkets, food courts, pharmacy shops, eateries (take-out and delivery only), banks, mobile phone shops and vaccination sites.
Downside risks loom for Thai economy due to Prolonged COVID-19 Outbreak
The most important issue for the Thai economy at present would be the procurement and distribution of appropriate vaccines adequately and timely.
The Bank of Thailand (BoT) has revealed that Thailand’s economy faces significant downside risks, because a prolonged COVID-19 outbreak could cause the economy to underperform the baseline projection, squeezing business liquidity and slowing employment.(more…)
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