Toyota Motor Thailand predicts further decline in car sales this month due to the ongoing political uncertainty surrounding the formation of a new government and its policies. Thailand held a General Election on May 14, with the Move Forward Party (MFP) securing the most seats in the House of Representatives. However, it is still uncertain whether the party can form a successful coalition government with its seven allied parties.
The political uncertainty is causing potential car buyers to delay their purchases as they wait for clarity on the new government’s economic policies, according to Suphakorn Rattanawaraha, vice-president of Toyota Motor Thailand. In April, domestic car sales dropped by 6.14% year-on-year to 59,530 units, attributed to banks’ strict loan screening criteria amidst high household debt, as reported by the Federation of Thai Industries…
