Core Insights - Thailand's new vehicle market experienced a significant rebound of nearly 54%, reaching 73,936 units in January 2026, compared to 48,092 units in January 2025 [1] Group 1: Market Performance - January marked the tenth consecutive month of growth for Thailand's vehicle market, following two years of declines due to financing challenges faced by consumers and small businesses [2] - Economic growth in Thailand accelerated to 2.5% year-on-year in Q4 2025, up from 1.2% in Q3, driven by stronger domestic consumption and investment [2] Group 2: Electric Vehicle Surge - The surge in vehicle sales was primarily attributed to a spike in electric vehicle (EV) deliveries before the expiration of the EV3.0 incentive program at the end of 2025, which has been succeeded by the EV3.5 program offering lower incentives [3] - Sales of battery electric vehicles (BEVs) soared by 354% year-on-year to 31,860 units in January, while hybrid electric vehicles (HEVs) sales increased by 19% to 12,650 units [4] Group 3: Production and Export Trends - Vehicle production in Thailand rose by 10.5% to 118,386 vehicles in January, while exports fell by 6.3% to 58,405 units, impacted by a strong baht and increased competition from Chinese automakers [5] - The Federation of Thai Industries has raised its 2026 vehicle production target to 1.5 million units, which includes 550,000 domestic sales and 950,000 exports [5]

Vehicle Market Performance - New vehicle sales in the Philippines fell by almost 9% to 37,352 units in November 2025 from 40,898 units a year earlier, indicating a slowdown after three years of growth from pandemic lows [1][6] - In the first eleven months of 2025, the vehicle market declined by 1% to 420,776 units compared to 425,208 units in the same period last year, driven by a 7% rise in commercial vehicle sales to 335,859 units, while passenger vehicle sales dropped by 23% to 84,917 units [3] Economic Context - Economic growth in the Philippines slowed to 4.4% year-on-year in the third quarter of 2025, down from 5.5% in the second quarter, marking the slowest growth since 2021 [2] - Household spending growth also decelerated to 4.1% from 5.3%, despite a 200 basis points cut in the central bank's benchmark interest rate to 4.50% [2] Manufacturer Performance - Toyota reported a 4% sales increase to 205,552 units in the eleven-month period, benefiting from strong demand for its Hilux and Avanza/Veloz models; Mitsubishi Motors followed with 79,252 units (-3%); Ford saw a decline to 20,007 units (-22%); Suzuki increased sales to 19,982 units (+8%); and Nissan reported 19,225 units (-22%) [4] Electrified Vehicle Sales - Year-to-date sales of electrified vehicles reached 28,102 units, comprising 22,027 hybrid electric vehicles (HEVs), 4,261 battery electric vehicles (BEVs), and 1,814 plug-in hybrids (PHEVs) [5]