Automakers launch promotions to boost Thailand car sales

Automakers in Thailand are facing declining car sales and are responding with cost-cutting measures and new promotional campaigns. These actions aim to increase bookings at the upcoming Bangkok International Motor Show, which starts on March 26. Car brands are hopeful that their promotional efforts will help stimulate sales, which have been on the decline this year. Wallop Chalermvongsavej, managing director of Hyundai Mobility Thailand, noted that many companies are now offering customers interest-free payment plans of up to eight years. To fund these promotions, some firms are reducing their marketing expenditures. Chalermvongsavej has worked in the automotive industry for 25 years and remarked that he has never seen such extensive campaigns before. He emphasized the importance of car companies taking responsibility for boosting sales, especially since the government has not yet implemented significant support measures. Sales data shows that car sales dropped by approximately 10% in the first two months of 2025. As a result, the overall vehicle sales forecast has been lowered to 530,000 units from an earlier estimate of 560,000. This new figure includes an expected 70,000-80,000 electric vehicles. In 2024, total car sales fell 26.1% compared to 2023, with significant declines noted in pure pickup sales. One major factor affecting sales is the difficulty consumers face in obtaining auto loans, leading to higher loan rejection rates. Additionally, a price war among car brands has caused consumers to postpone purchases. Vudhigorn Suriyachantananont from Great Wall Motor advised against engaging in price wars, suggesting that companies should focus on understanding and serving their customers better. Car manufacturers are also urging the government to consider a proposal to create a 5-billion-baht fund to enhance consumer loans for pickups, which could help improve sales in that segment. However, Takashi Hata from Tri Petch Isuzu Sales believes the overall market slowdown will still be challenging. The Bangkok International Motor Show will feature 41 car companies and run for 12 days, concluding on April 6.