Thai Toyota unit to increase car sales by 7.3 pc

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Thai Toyota unit to increase car sales by 7.3 pc

BANGKOK The Thai unit of Toyota Motor Corp. 7203. T expects to increase its car sales in the Southeast Asian country by 7.3 per cent to 310,000 vehicles this year, the company said on Thursday.

Toyota, which controls about a third of the Thai vehicle market, recorded local sales of 288,809 units in 2022, up 20.5 per cent, Toyota Motor Thailand said in a statement.

Car exports of 405,000 vehicles this year are up 7.0 per cent from 378,454 cars shipped last year.

The automotive market is expected to return to normalcy for the 2023 automotive market outlook, along with the country's overall economic recovery, according to the firm.

The reopening of Thailand to promote tourism helps boost domestic demand while the shortage of production parts is expected to gradually ease, it added.

Thailand is a regional vehicle production and export base for the world's top carmakers, including Toyota, Honda and Mitsubishi.