Toyota Motors Thailand expects overall domestic car sales to drop 6.7% to 940,000 units in 2020, as the market faces challenges from a shrinking global economy, tightened loan conditions by local banks and lower consumer confidence.
With this projection, Toyota targets sales of 310,000 cars in Thailand in 2020, down by 6.7% from 2019.
The brand expects to capture a 33% market share of Thailand's car market, president Michinobu Sugata said.
In 2019, Toyota posted sales of 332,380 units in Thailand, up 5.5% from 2018, for a 33% market share, up 2.8 percentage points.
In 2019 there were 1.008 million new cars sold in Thaiiland, down 3.3% on the previous year.