Economic Challenges Impact Luxury Auto Market

Thailand's luxury car segment has experienced a significant downturn, with sales plummeting by 25% in 2024. Teeraphong Rodloy, country manager of Wearnes Automotive Thailand, attributes this decline to the country's slow economic expansion, projected at 2.4-2.7%, and stricter auto loan criteria by banks. Bangkok Post reports that these economic conditions have made potential buyers hesitant, affecting overall sales in the luxury car segment.

Widespread Effects Beyond Luxury Vehicles

The economic slowdown has not spared other segments of the automotive industry. Pickup trucks, for instance, saw a dramatic 39.5% drop in sales, with only 137,456 units sold in the first 10 months of the previous year, as per the Federation of Thai Industries. Ratthakarn Jutasen, managing director of Ford Thailand, noted that this marks the lowest sales in 23 years.