Detail

Toyota Motor Thailand Co., Ltd. reported stable sales in 2023 despite a slowdown in the domestic market, with a cautious outlook for the 2024 Thai automotive market. In 2023, Toyota's total sales in Thailand were approximately 265,949 units, a decrease of 8% compared to the previous year, maintaining a market share of 34.3%. For 2024, Toyota has set a sales target of 277,000 units, aiming for a market share of 34.6%. Exports are expected to decrease by 5% to 358,800 units, and total production is projected to be around 615,700 units, a 0.9% decrease from the previous year. Toyota is also committed to achieving "Carbon Neutrality" through a "Multi-Pathway" approach and actively engages in social welfare initiatives to promote sustainable development in Thailand.

Hycan, the new energy vehicle brand established by GAC Group and NIO, plans to introduce its all-electric vehicle models to the Malaysian market in the first quarter of 2025. Hycan has appointed a Malaysian company, Concept Fields, as the general agent for the brand in Malaysia and international markets, responsible for import, sales, and after-sales services. The first batch of models is expected to arrive in February or March 2025, including the Z03 SUV, A06/A06 Plus sedans, and V09 MPV. Initially, they will be imported as CBU units, with plans to switch to CKD local assembly around April. Hycan is currently in talks with various companies to explore assembly options and is working on the conversion from LHD to RHD for the incoming models.

BYD's premium brand Denza announces the global debut of its new model Z9 GT on September 20. This high-performance four-door Coupe offers both pure electric and plug-in hybrid versions, with deliveries expected to start by the end of September 2024. The Z9 GT has dimensions of 5,180×1,990×1,500/1,480mm, with a wheelbase of 3,125mm, larger than Porsche's Taycan Sport Turismo. The car features a triple motor system with a combined power of 963PS, accelerating from 0-100km/h in just 3.4 seconds, and comes with a 100kWh battery for a range of 630 kilometers. The interior is equipped with high-tech features, including a digital cockpit, a three-screen system, and a Devialet audio system. The Denza Z9 GT is priced between 359,800 and 385,800 yuan in China and is expected to enter international markets, including Malaysia.

The Federation of Thai Industries (FTI) reports a 21% year-on-year decline in new car sales in Thailand for July 2024, affected by weakened private consumption and a 6% decrease in durable goods expenditure, with fixed investment falling by 6.2%. Vehicle financing companies have tightened lending criteria amid increased non-performing loans, resulting in higher loan rejection rates. As the third-largest automotive market in Southeast Asia, Thailand's sales have dropped by 24% in the first seven months of this year, with a 40% plunge in pickup truck sales.

Hyundai Motor Company plans to invest 1 billion baht (US$30 million) in Thailand to establish a battery electric vehicle (BEV) assembly plant, scheduled to commence production in 2026. This initiative aligns with the Thai government's EV3.5 program, aiming to boost the EV industry. Hyundai will leverage Thailand's supply chain strengths to foster the local EV ecosystem development.

In May 2024, Thailand's vehicle production was 126,161 units, a decrease of 16.19% year-on-year, while domestic sales were 49,871 units, down 23.38%, and exports reached 89,284 units, an increase of 3.39%. The production decline is attributed to the slowdown in domestic economic growth and challenges within the automotive sector. The new energy vehicles (BEV, HEV, PHEV) saw an increase in market share, indicating a gradual transition towards electrification in Thailand's automotive market.