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BYD Thrives Against the Odds as Auto Sales Decline in Thailand
Thailand's auto market faced significant challenges in January-October 2024, with 476,350 units sold, a 26.2% decline. BYD was the only major automaker to see growth, selling 23,532 units.
Thailand’s auto market faced significant challenges in January-October 2024, with 476,350 units sold, a 26.2% decline. BYD was the only major automaker to see growth, selling 23,532 units.
Key Points
- Thailand’s auto market faced significant challenges in the first 10 months of 2024, with total sales of 476,350 units, representing a 26.2% decline from the previous year. October sales hit a low of 37,691 units, the lowest in 54 months.
- Sales breakdown revealed passenger cars at 185,421 units (down 23.3%) and pickups at 166,851 units (down 40.2%). All major automakers, including Japanese, American, and Chinese brands, saw declining sales, except BYD, which reported a 7.6% increase.
- BYD sold 23,532 cars, ranking fourth in the Thai market after Toyota (182,380 units, down 17.2%), Isuzu (71,361 units, down 45.6%), and Honda (62,448 units, down 19.1%).
Thailand’s automotive market faced substantial difficulties during the first ten months of 2024, recording a total of 476,350 units sold. This figure represents a striking 26.2% decrease compared to the same period in the previous year, indicating a pronounced decline in consumer demand and market activity. The situation worsened in October, where sales plummeted to 37,691 units, the lowest monthly total the industry has experienced in over 54 months.
A closer inspection of the year-to-date sales reveals that passenger cars accounted for 185,421 units sold, reflecting a decline of 23.3%. In contrast, the pickup segment suffered even more, with sales of 166,851 units, a significant drop of 40.2%. This downturn affected nearly all major automotive manufacturers operating in Thailand, including Japanese, American, and Chinese automakers, all of whom reported declining sales figures. Notably, the only exception was BYD, the prominent Chinese automotive manufacturer, which experienced a rise in sales.
From January to October, BYD’s sales reached 23,532 units, marking a year-on-year increase of 7.6%. This growth enabled BYD to ascend to the fourth position in the competitive Thai market, overtaking Mitsubishi. However, BYD still trails behind leading brands such as Toyota, Isuzu, and Honda.
Toyota maintained its dominance as the market leader with sales of 182,380 units, although this was a decline of 17.2% from the previous year. Isuzu and Honda followed, with sales of 71,361 and 62,448 units, respectively, reflecting declines of 45.6% and 19.1%. Overall, the substantial challenges within Thailand’s auto market underscore a period of notable contraction and shifts in consumer behavior amidst a challenging economic landscape.
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