© Reuters. FILE PHOTO: A Toyota logo is displayed at the 89th Geneva International Motor Show in Geneva, Switzerland, March 5, 2019. REUTERS/Pierre Albouy/File Photo
BANGKOK (Reuters) – The Thai unit of Toyota Motor (NYSE:) Corporation
Toyota, which controls about a third of the Thai vehicle market, posted 2022 local sales of 288,809 units, up 20.5%, Toyota Motor Thailand said in a statement.
The company targets car exports of 405,000 vehicles this year, up 7.0% from the 378,454 cars shipped last year.
“For the auto market outlook for 2023, it is anticipated that the auto market will gradually return to normal in conjunction with the overall economic recovery of the country,” the firm said.
Thailand’s reopening to promote tourism helps boost domestic demand, while shortages of production parts are expected to ease gradually, it added.
Thailand is a regional vehicle production and export base for the world’s major automakers, including Toyota, Honda and Mitsubishi.
