Thai automakers face uphill climb in Covid aftermath

BANGKOK (The Nation/ANN): Foreign automakers in Thailand have been hit severely by the Covid-19 crisis, which has led to changes in automotive technologies and consumer behaviour, semi-weekly business publication Thansettakij said on Saturday (May 15).

Among the major upheavals in Thailand's auto industry last year was American automaker General Motors (GM) pulling out of the country and giants Nissan, Mitsubishi and Honda undertaking restructuring of their organisations at the beginning of this year.

GM also sold its factory in Rayong to Great Wall Motors, a Chinese automaker, last year.

Foreign automakers in Thailand sold 790,000 cars last year, down 21 per cent compared to 2019.

Toyota Motor Thailand's revenue in 2020 was THB368.25 billion, down 13.16 per cent year on year, while the company's profit after tax slumped 41.82 per cent year on year to THB12.48 billion.

Honda Automobile (Thailand)'s revenue was THB206.70 billion, down 13.57 per cent year on year, while the company's profit was THB11.64 billion, down 8.89 per cent year on year.

Isuzu Motors (Thailand)'s revenue was THB169.45 billion, down 8.19 per cent year on year, while the company's profit fell 33.81 per cent year on year to THB10.37 billion.

Nissan Motor (Thailand)'s revenue was THB108.42 billion, down 21.21 per cent year on year, and the company reported a loss of THB7.21 billion compared to THB1 billion loss in the previous year.

The Federation of Thai Industries expected automakers to sell 1.5 million cars this year, of which 750,000 cars would be sold in the country and another 750,000 cars would be exported.

Even though auto sales this year are expected to be better than last year due to more people getting the Covid-19 vaccine, the industry would continue to be under pressure due to the third wave of the pandemic and shortage of materials, Thansettakij said. - The Nation/Asia News Network

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3

Next In Aseanplus News

Asean News Headlines as at 9pm on Thursday (June 17)
Philippine weather bureau partners with TikTok to reach out to youth
Indonesia reports highest daily Covid-19 spike since late January
Indonesia's 'forest destroyer' on the run for 13 years caught in Singapore
Brunei reports new imported Covid-19 case, 251 cases in total
Hundreds of Indonesian healthcare workers contract Covid-19 despite vaccination, dozens hospitalised
HK approves plan to ease city’s strict travel quarantine
China's Shenzhou-12 astronauts enter space station core module
Myanmar's renewed war scatters tens of thousands to forests
Indonesia handles 19, 229 drug smuggling cases in six months

Stories You'll Enjoy