Toyota bullish on growth in Thailand, targets sales of 265,000 units in 2017

Toyota is optimistic about notching higher growth in Thailand, where it has had operations for 55 years, in 2017. Its local arm Toyota Motor Thailand (TMT) is eyeing positive growth of the Thai automotive market, while reaffirming its ongoing commitment to contributing to Thailand's national economic sustainability through the development of its automotive industry.

At the company's mid-year press conference held yesterday, Michinobu Sugata, managing officer of Toyota Motor Corporation (TMC) and president of Toyota Motor Thailand highlighted the sales forecast for the entire Thai automotive industry in 2017 to potentially reach 830,000 units, an 8% rise from 2016. Overall sales in the Thai market during the first half of the year amounted to 409,980 units, reflecting a year-on-year increase of 11.2%. During this period, Toyota sales increased by 3.1% to 112,488 units.

According to Sugata, automotive sales in Thailand for the second half of 2017 have become more favorable due to sustained GDP growth, continued government spending to stimulate investments from the private sector, positive consumer confidence, and the introduction of new models by various automakers in the market.

Toyota has retained its sales forecast for CY2017 at 265,000 units, an 8% increase from last year. It is understood that the company will strengthen its product line-up during the second half of this year to catch up with market growth.

TMT’s president reiterated Toyota's ongoing commitment to contributing to the development of the Thai automotive industry: "Once again, we would like to express our gratitude to the Thai government for its strong support of the automotive industry. In line with the government's endeavours, we also aim to continue responding to the government's ‘Thailand 4.0’ and Eastern Economic Corridor policies. In the interest of human resource development for upcoming generations of workers in the industry, Toyota will continue to support the professional development of Thai engineers in the area of R&D through Toyota-Daihatsu Engineering & Manufacturing (focusing on compact car development for emerging markets) and will expand industry-academic partnerships.”