Thailand’s luxury auto sales drop 25% in 2024

By Dat Nguyen January 6, 2025 | 09:06 pm PT

Two models pose with a 2019 Mercedes Benz C200 during the Thailand International Motor Expo in Bangkok on Nov. 29, 2018. Photo by AFP

Luxury auto sales in Thailand plunged 25% to 30,000 units last year as buyers were hurt by a struggling economy.

The slow economic expansion rate (projected to be 2.4-2.7%) and banks’ tighter criteria for auto loans have resulted in a negative impact across the the automotive industry, said Teeraphong Rodloy, country manager of Wearnes Automotive Thailand, as reported by Bangkok Post.

"Overall sales in the luxury car segment were affected by these economic circumstances," he said.

Wearnes Automotive Thailand, the importer of British sports car maker Lotus Cars, said that prospective buyers have been affected by the impact of the sluggish economy.

The slowdown extended beyond luxury vehicles. Pickups was among the segments with steepest declines.

In the first 10 months last year sales of pickups dropped 39.5% to 137,456 units, according to the Federation of Thai Industries.

Sales hit the lowest in 23 years, said Ratthakarn Jutasen, managing director of Ford Thailand.