Immunity card: Honda WR-V and 2023 CR-V resist slow economy as Toyota and Isuzu hit rough roads in Thailand's H1 2023 sales
Hans · Jul 28, 2023 11:58 AM
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Thailand’s economy is not in a very good shape right now. The political impasse in causing a lot of uncertainties, and spillover effects are being felt in the country’s automotive sector. Rising interest rates and stricter vetting of hire purchase applications are also putting a damper on new car sales.
Due to its sheer scale, Thailand’s auto sector also serves as a bellwether of sorts for the rest of the region’s auto sector.
In the first half of 2023, total new car sales in Thailand contracted 5 percent, down to 406,131 units. The contraction came mostly from slowing sales of pick-up trucks and pick-up truck-based SUVs (known in Thailand as pick-up passenger vehicles or PPVs) – which together make up 45 percent of all new car sales in the northern Kingdom.
Trucks and PPVs contribute 45 percent of Thailan's new car sales, lead by Toyota and Isuzu
Sales of pick-up trucks slowed 24.5 percent, down to 149,685 units. Together with PPVs, sales of these tax-deducted group of ladder frame chassis utility vehicles were down 19.7 percent to 182,952 units. Total sales of commercial vehicles – PPVs, trucks and vans - were down 11.4 percent, to 258,044 units.
With lack of clarity on economic policies, businesses were holding back on investments into vehicles and machinery, thus the slowdown. Pick-truck and PPV sales leaders Toyota and Isuzu were most affected.
Sales of passenger cars remained a bright spot, up 9 percent to 148,087 units but the biggest winner was Honda.
Sales of Honda vehicles were up 60.8 percent in June alone (7,067 units)! In contrast, sales of Toyota passenger cars were up 0.7 percent in that same month, but Toyota still holds a strong overall lead with 20,877 units.
The jump in Honda’s sales is attributed mostly to the easing of supply chain constraints, and strong demand for the new generation, hybrid-only 2023 Honda CR-V, as well as the WR-V.
Honda didn’t give a breakdown of its sales by models but 37 percent of Honda’s sales were contributed by non-sedans (WR-V, BR-V, HR-V, and CR-V).
Overall, sales of Toyota and Isuzu were down 3.6 percent (136,859 units) and 21.5 percent (86,281 units) respectively in the first half of 2023, while Honda is up 14.9 percent to 46,134 units.
Closer to home, the Honda WR-V is just as well received in Malaysia, and the dealers have just started delivering to first batch of cars to customers this week.
The locally assembled (CKD) Honda WR-V is powered by a 1.5-litre 4-cylinder engine that makes 121 PS / 141 Nm, paired to a CVT-type automatic transmission. Four variants are available, priced from RM 89,900 to RM 107,900.
Blindspot-reducing Honda Lanewatch camera is a standard feature, Sensing is available from the E variant onwards (from RM 95,900).
Over 15 years of experience in automotive, from product planning, to market research, to print and digital media. Garages a 6-cylinder manual RWD but buses to work.
