Automobile sales in Thailand, Malaysia, the Philippines and Indonesia may surge to a record next year as rising incomes in Southeast Asia encourage more people to purchase vehicles, according to Toyota Motor Corp.
Sales of cars, pickup trucks and other vehicles in the four countries will probably reach 1.6 million units, matching the total in 1996, said Akio Toyoda, senior managing director of Toyota, the world's largest automaker by market value. Automobile sales in the countries were 1.25 million units last year, Toyoda told a conference in Bangkok.
Toyota, Ford Motor Co and other carmakers have increased invest-ments in their plants in Southeast Asia to meet rising demand. Growth in Thailand, Indonesia and Malaysia will accelerate next year, helped by rising consumer spending and investment, the World Bank said yesterday.
"From 2003 and beyond, growing personal income will continue to drive consumer demand in the region," Toyoda said. "That will make the region a key growth area for the world's automobile industry."
Toyoda declined to say what Toyota's share in each of the markets and overall market share would be.
Toyota and its suppliers are spending as much as 43 billion baht to double production in Thailand for exports to the region.
Toyota is the biggest-selling automaker in Thailand, the Philippines and Indonesia and the second-largest in Malaysia.
RSS