BYD bucks the trend as Thailand’s auto sales slide
Industry leaders seek government support to revive the sector and stimulate demand in 2025, as sales drop sharply this year
Thailand’s auto market encountered significant challenges in the first 10 months of 2024 (January-October), with 476,350 units sold, a sharp 26.2% decline compared to the same period last year.
October sales totalled 37,691 units, marking the lowest monthly figure in 54 months. For the year to date, the breakdown shows passenger cars at 185,421 units (down 23.3%) and pickups at 166,851 units (a steep 40.2% decline).
All major automakers – Japanese, American and Chinese – experienced declining sales except for Chinese automotive giant BYD, which achieved positive growth.
From January to October, BYD sold 23,532 cars, a 7.6% increase year-on-year, propelling the brand to fourth place in the Thai market, surpassing Mitsubishi and trailing Toyota, Isuzu and Honda.
Toyota remained the market leader, with 182,380 units sold (down 17.2%), followed by Isuzu at 71,361 units (down 45.6%) and Honda at 62,448 units (down 19.1%).
Prathanwong Phornprapha, CEO of Rever Group, which distributes BYD in Thailand, said 2024 was a pivotal year for the group as they push forward with their “New Energy for All” strategy. Despite market challenges, BYD achieved 7% growth in October alone.
“We believe the launch and pricing announcement of the BYD Sealion 7, along with the unveiling of the BYD Shark 6 at the 2024 Motor Expo, will invigorate the industry and support economic recovery in the year’s final stretch,” Prathanwong said.
With fewer than 480,000 vehicles sold in the first 10 months, many manufacturers predict Thailand’s total car sales will fall below 600,000 units in 2024 – the lowest since 2009.
Rattakarn Juttasen, managing director of Ford Thailand, acknowledged the decline in domestic sales but noted that Ford’s manufacturing plants (FTM and AAT, the latter a joint venture with Mazda) continue to export 70-80% of their annual production capacity, projected at nearly 200,000 units, down from 209,000 units in 2023.
“For 2025, we anticipate domestic car sales to recover to around 620,000 units, supported by potential government measures easing credit policies and boosting GDP growth. Proposed trade-in programs for older vehicles could further drive demand,” he said.
Noriaki Yamashita, president of Toyota Motor Thailand, emphasised the historical significance of the current downturn, noting that domestic sales dropping below 600,000 units is unprecedented since 2009.
“Though a 3% GDP expansion in the third quarter and a 0.25% reduction in the Bank of Thailand’s policy rate indicates gradual improvement, we hope the Thai government will introduce measures to support the struggling automotive industry,” Yamashita added.
Takashi Hata, managing director of Tri Petch Isuzu Sales, stressed the impact of the sharp contraction in the pickup segment, which plays a vital role in Thailand’s automotive industry. “Pickup trucks are Thailand’s flagship product, using a high proportion of domestic components. Reviving this segment is critical for the broader industry,” Hata said.
