Thai auto sales drop 24% as virus saps spending power

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Thai auto sales drop 24% as virus saps spending power

By THE NATION

 

 

Sales in the Thai auto market fell 24 percent in the first quarter of this year, as experts forecast further a bigger drop in demand for cars and trucks unless the Covid-19 crisis ends soon.

 

Total automobile sales in 2020’s first quarter stood at 200,959, a drop of 24 percent compared to the same period in 2019.

 

The monthly sales track the deepening virus crisis, with 71,688 autos sold in January, 68,271 sold in February, and 61,000 sold March. April sales are expected to dip below 60,000.

 

A source in the auto business said that the domestic auto market would contract by 20 to 30 per cent if the Covid-19 crisis was not resolved in a short period. “If the crisis can be ended fast, the market will recover by the end of this year,” he said.

 

Thailand’s automobile production in 2020 was forecast to reach 2 million, but has been cut to 1.4 to 1.5 million because of the Covid-19 crisis, the Automotive Industry Club’s president, Kovit Wongkolkitsilp, said.

 

Meanwhile Wanlop Triruk-ngam, Suzuki Motor (Thailand)’s executive director of sales and marketing, said the virus has lowered people’s spending power. Some of them had postponed orders for new cars, while financial institutions have been getting strict when it comes to granting loans to buy autos.

 

Source: https://www.nationthailand.com/news/30385895?utm_source=bottom_relate&utm_medium=internal_referral

 

-- © Copyright The Nation Thailand 2020-04-13

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[ChrisY1]

“If the crisis can be ended fast, the market will recover by the end of this year,” he said."

They still believe this situation is short term.

Millions out of work with millions of people in debt that keeps growing.....vehicle sales will keep falling for months, while vehicle repossessions will be unprecedented.

[Isaan sailor]

Another gift from CCP...

[SoilSpoil]

I need a new car, and have saved up for it, but better wait a couple of months. I am expecting some spectacular discounts at the end of the year. German manufacturers fear a price reduction of up to 50% in Europe. So maybe the Japs will follow suit. Might throw myself a nice Tmax in the deal this way. 

[hotchilli]

1 hour ago, SoilSpoil said:

I need a new car, and have saved up for it, but better wait a couple of months. I am expecting some spectacular discounts at the end of the year. German manufacturers fear a price reduction of up to 50% in Europe. So maybe the Japs will follow suit. Might throw myself a nice Tmax in the deal this way. 

Wait 6 months you will be able to buy a second-hand car less than a year old in immaculate condition for half the new price.

 

[tonray]

My GF needs a new car in about 12 months...and since I've moved to the suburbs I need a car unless I want to keep relying on GRAB and taxis which is possible but extremely invconvenient. I'm hoping the manufacturers come in with some discounts...if they would discount now I'd consider buying at least one, my car must wait until Visa/travel situation is cleared up...not going to buy a personal car if I can't rely on getting back into the country if I leave.

[Skeptic7]

7 hours ago, hotchilli said:

Wait 6 months you will be able to buy a second-hand car less than a year old in immaculate condition for half the new price.

 

My idea too. Hope your prediction is correct. Was gonna buy a nice used vehicle this month, but have put it off for a while for myriad reasons. May prove a bit of a "silver lining" in a basket full of BS!