Thai Oct domestic car sales drop 11.3% y/y - industries federation

[snoop1130]

Thai Oct domestic car sales drop 11.3% y/y - industries federation

 

 

BANGKOK, Nov 20 (Reuters) - Domestic car sales in Thailand dropped for a fifth straight month in October, down 11.3% from a year earlier to 77,121 units, the Federation of Thai Industries said on Wednesday.

 

Sales contracted due to stricter lending by banks and flooding in many areas of the country.

 

Domestic car sales in 2019 are forecast to fall 3.8% to 1 million units, compared with last year’s 19.5% rise to 1.05 million units - the highest level in five years.

 

Thailand is a regional vehicle production and export base for the world’s top automobile manufacturers.

 

-- © Copyright Reuters 2019-11-20

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[Creasy]

Nothing to do with the floods.

 

Its a worldwide phenomenon that car sales are really down, because globally people are tightening their belts while their economies are on the nose. 

And Teflon Thailand.

your’re not immune like you think you are.

[ramrod711]

27 minutes ago, snoop1130 said:

Thai Oct domestic car sales drop 11.3% y/y - industries federation

Maybe that's why Toyota keeps sending me mail, according to their letters they really want to loan me 1,000,000 baht to replace my pickup.

[HeyHeyHey]

Car sales tend to be the canary in a coal mine

 

Maybe not in Thailand, if you hope really hard and stop talk about the problem it goes away

[nev]

I would have updated my 7 year old Honda city by now but with the <deleted> exchange rate and uncertainty  here I have held off. 

[overherebc]

Put the prices up. That'll fix it.

[BuckBee]

No surprise, average somchai can't afford it and more likely to be having a repossession of a pickup or motorbike rather than buying a new one .

Easy loans not as easy as was so even those stupid enough want buy can't as easily as did .

Motoring in Thailand is incredibly expensive and depreciation is huge and professional service and maintenance is very poor to complete ripoffs making long term ownership difficult and ongoing costly .

Everyone from all walks of life I know are struggling to some extent on finance and with uncle buck milking the economy and generally lying on a daily basis cars sales is trivial to 2020 outlook .

[Bruntoid]

Then allow decent cars here instead of the endless mind numbing stream of Honda Jazz’s/Civics and ugly underpowered banal 4x4’s everywhere !! 

Thailand is a decent car ghetto ! 

 

[Bruntoid]

1 hour ago, BuckBee said:

Motoring in Thailand is incredibly expensive and depreciation is huge

Expensive as in purchase ? For sure - as for depreciation forget it, if you buy a Fortuner now you will virtually get your money back if you trade it in next year 

[Toadie]

There's an interesting YouTube video on new cars that aren't sold globally.

 

Basically manufacturers keep pumping them out, marking down to clear cannibilises newer models so eventually massive amounts are then scrapped.

 

Over production across all manufacturers, globally.

[30la]

The Thai do not have money, expatriates lose money month after month because of the Baht maintained ARTIFICIAL strong by the Thai central bank and the government, which in this way support their rich friends, well, who should ever buy cars ???

[RichardColeman]

Car sales down, exports down, tourists down, house sales down - there's a trend going on here , if only I could put my finger on it

[Redline]

Finally some good news-there are already 6 times as many cars on the roads as they are built to carry-probably more now

[ivor bigun]

My wife is friends with quite a few business people ,one lady we know is quite high up in the car trade and flies all over the world ,so must know quite a bit ,she was talking the other day and said her company has thousands of cars stored as they cannot sell them ,things are very bad ,her words not mine .

[Yadon Toploy]

Thousands of vehicles are sitting down yards on the Eastern seaboard now, with nowhere to go.

 

Parts factories closing and laying off thousands of employees. Thai Summit, Mitsu etc, etc. 

 

It's really bad and all the Thais out here on the EEC are talking about it. Many are worried they are gonna lose their jobs.

 

I am at an economic forum tomorrow and all the talk will be about the poor state of the economy, guaranteed

[Cake Monster]

16 hours ago, Toadie said:

There's an interesting YouTube video on new cars that aren't sold globally.

 

Basically manufacturers keep pumping them out, marking down to clear cannibilises newer models so eventually massive amounts are then scrapped.

 

Over production across all manufacturers, globally.

Another ploy the Manufacturers use is to buy the Vehicles themselves.

They are then Leased out, so therefore they have been bought, and dont show as unsold vehicles.

[Sydebolle]

Fake news again, the Thai has never done better than this year! 

[khunpa]

21 hours ago, RichardColeman said:

Car sales down, exports down, tourists down, house sales down - there's a trend going on here , if only I could put my finger on it

It’s all fake news. The country has never done better than now.
 

Multiple hubs are on the way and soon you will see bullet trains stuffed with Indians on the way to the number one sports- and family resort Pattaya.

 

Happy times ahead!

[zydeco]

19 hours ago, Yadon Toploy said:

Thais out here on the EEC are talking about it

They're not supposed to do that!

[happy chappie]

I'm selling my 10 yr old Isuzu pick up and buying a nice 5 yr old Mercedes with the money when I go back to the uk in march.cars are way too expensive in this country even the one built here.

[rickudon]

They are desperate to sell cars. A neighbour had her car repossessed because she had not made any payments for months. Just went to another garage and bought another on credit, based on foreign remittance from ex-husband on her bank statement. She will just gamble THAT money all away as usual. Problem solved! (for about 6 months).

[White Christmas13]

On 11/21/2019 at 1:40 PM, RichardColeman said:

Car sales down, exports down, tourists down, house sales down - there's a trend going on here , if only I could put my finger on it

Well I found it for you,???? (prices up)