Bangkok motor show reports 28% rise in orders, Toyota leads sales
Reuters
Published Apr 08, 2024 03:30AM ET
BANGKOK (Reuters) - Thailand's Bangkok International Motor Show recorded a 27.5% rise in orders, with Toyota (NYSE:TM) leading sales, while traditional cars still dominated despite electric vehicles gaining pace, its organiser said on Monday.
Orders for 53,438 cars and 5,173 motorcycles were booked during the event held from March 27 to April 7, Grand Prix International said in a statement.
EVs accounted for about 32.8% of the car orders, the company said, following a 21.5% share at the previous event.
Toyota received orders for 8,540 cars, followed by China's BYD (SZ:002594) with 5,345 cars, according to Grand Prix.
"Electric vehicles from China caught people's attention," the company said.
Chinese car makers were in the spotlight amid the growing challenge to Japanese auto giants that have long dominated Thailand's vehicle market.
Chinese automakers have committed to invest more than $1.44 billion in production facilities in Southeast Asia's largest auto manufacturing hub. Thailand is looking convert about 30% of its annual vehicle production into EVs by 2030.
The expansion by Chinese EV makers in Thailand comes against the backdrop of intensifying competition at home where car makers are racing to cut prices.
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Written By: Reuters
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