Auto sales in Thailand have fallen in the first 7 months of the year and it greatly affected Toyota Motor Thailand (TMT) as sales of Toyota units decreased by 11.4-percent and overall auto sales fell by 0.4-percent.
In spite of this, Toyota Motor Corporation (TMC), through Managing Officer Kyoichi Tanada, has expressed its full support to Thailand by stating that it will still remain one of its key production hubs in the Asian region.
Production has in fact increased in Thailand as TMT’s engine production plant Siam Toyota Manufacturing (STM) just topped 10 million units in May 2016.
STM is the second Toyota engine plant outside of Japan to achieve a cumulative production volume of 10 million units.
The Thai government is making an effort to jumpstart the economy by continued spending in order to attract more investors to the private sector but the positive results have yet to be seen as the auto market continues to have limited purchasing power.
Total sales projection for 2016 has been revised to 740,000 units by the Thai auto industry, which represents a 7.5-percent year-on-year reduction. Toyota expects to sell 240,000 units out of that number.
"Even though this year is turning out to be another tough year, I, on behalf of Toyota, would like to reaffirm that Toyota will stand by Thailand with continued confidence in the readiness and capabilities of our Thai personnel. Toyota will continue its contributions to bring the automotive industry to a higher level, so that Thailand will grow and achieve greater advance in a sustainable manner," said Tanada.