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Thai new vehicle sales surge nearly 20 percent in 2018
New vehicle sales in Thailand grew 8.9% year on year (y/y) during December 2018 to 113,581 units, according to data released by Toyota Motor Thailand, the official compiler of automotive data in the country. Passenger vehicle sales declined 2.7% y/y during the month to 40,315 units, while commercial vehicle (CV) sales climbed 16.6% y/y to 73,266 units.
During the full-year 2018, industry sales are up 19.5% y/y at over 1.04 million units, with passenger vehicle sales surging 15.4% y/y to 399,657 units and CV sales up 22.2% y/y at 642,082 units.
Outlook and implications
Within the Association of Southeast Asian Nations (ASEAN) region, Thailand is the second-largest market after Indonesia for light vehicles, including passenger vehicles and light commercial vehicles (LCVs). Thailand is set to account for 29.8% of ASEAN light-vehicle sales in 2019, according to IHS Markit's forecast data.
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