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1 February 2024

Toyota Announces 2023 Car Sales

along with 2024 Domestic Sales Projection at 800,000 Units
and Toyota Sales Target at 277,000 Units

Toyota Motor Thailand Co., Ltd. announced their 2023 car sales performance along with the
Thai automotive market projection in 2024 in their Toyota Annual Press Announcement on the

1 February 2024.

Automotive Market Performance in 2023

In 2023, the Thai automotive industry maintained stability, despite the deceleration in the domestic
market, which was offset by a notable enhancement in the overall export sector. Influencing factors included
the steady and ongoing recovery of the domestic economy, although it has not yet fully rebounded to past
levels. Additionally, diminished purchasing power, attributed to high household debt, has played a role in the
deceleration of the local market. Moreover, the business sector exhibited a cautious approach, delaying car
purchases while awaiting clarity on government measures, which directly affect the commercial vehicle market.
Concurrently, financial institutions have heightened scrutiny in granting car hire purchase loans, and
maintained elevated interest rates.
Nevertheless, several positive factors continue to influence the overall automobile industry. To illustrate,
the sales proportion of the domestic passenger car market is experiencing significant expansion. The
popularity of electric vehicles (EVs) has been bolstered by government incentives. Additionally, the surge in
Thai automobile exports is attributed to the increased proportion of production capacity designated for export
in the preceding period. In fact, this strategic adjustment has been able to offset delays in vehicle delivery
resulting from shortages of key parts, causing production setbacks in previous years.
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775,780 units, representing a 9% decrease compared to 2022.
2023 Market Performance 2023 Sales Difference compared to 2022
 Total Sales 775,780 units -9%
 Passenger Cars 292,505 units +10%
 Commercial Vehicles 483,275 units -17%
 1-ton Pickups (Including PPV) 325,024 units -29%
 Pure Pickups 264,738 units -32%

In 2023, Toyota's total sales amounted to approximately 265,949 units, reflecting an 8% decrease
compared to the previous year. However, Toyota maintains the leading position in the automotive market with a
market share of 34.3% in total car sales. This can be partly attributed to the remarkable growth in Toyota's
passenger car market share, particularly in the eco car segment, which Toyota has enjoyed sustained
dominance with the number one market share resulting from the continued success of the Yaris ATIV.
Moreover, the positive reception of the newly introduced Yaris Cross model, launched at the end of the
previous year with highly favorable responses from valued customers, contributing to Toyota's overall strong
market standing. Furthermore, Toyota's comprehensive marketing initiatives, coupled with the company’s
extensive range of automotive product and value chain offerings, facilitate greater outreach and engagement
with diverse customer groups.

Apart from notable achievements of vehicles under Toyota brand, Lexus Thailand has also experienced
remarkable success in 2023, reaching its highest sales ever with 1,012 units. This marks the first instance
where Lexus Thailand proudly surpasses the 1,000 vehicle milestone, reflecting the strong trust and confidence
of Thai customers in the Lexus brand.

2023 Toyota Sales Performance 2023 Sales Difference compared to 2022 Market Share
 Total Sales 265,949 units -8% 34.3%
 Passenger Cars 99,292 units +20% 33.9%
 Commercial Vehicles 166,657 units -19% 34.5%
 1-ton Pickups (Including PPV) 128,689 units -27% 39.6%
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Automotive Market Outlook for 2024

Regarding the outlook of the Thai automotive industry in 2024, it is anticipated to continue its gradual
recovery, aligning with the broader economic revival. Various factors will influence the overall landscape,
including heightened private consumption caused by the tourism sector's recovery and increased
employment contribution. Government policies geared towards stimulating expenditure, the expansion of
investments in domestic activities and infrastructure, and initiatives supporting the production of electrified
vehicles domestically, will also play pivotal roles. Nevertheless, vigilance is warranted as the global economic
and geo-political situation could impact exports, and persistently high household debt remains a notable
care point. Meanwhile, it is also important to closely monitor the trajectory of the interest rate policy.
Consequently, the projection for car sales in 2024 stands at 800,000 units, reflecting a 3% increase compared
to the previous year.

2024 Domestic Sales Forecast 2024 Sales Projection Difference compared to 2023
 Total Sales 800,000 units +3%
 Passenger Cars 296,500 units +1%
 Commercial Vehicles 503,500 units +4%

As for Toyota, we have set ourselves a sales target of 277,000 units, or a 4% increase, with 34.6%
market share.

2024 Toyota Car Sales Forecast 2024 Sales Forecast Difference compared Market Share
to 2023
 Total Sales 277,000 units +4% 34.6%
 Passenger Cars 81,700 units -18% 27.6%
 Commercial Vehicles 195,300 units +17% 38.8%
 1-ton Pickups (Including PPV) 133,264 units +4% 41.2%
 Pure Pickups 114,500 units +7% 42.1%

Toyota Export and Production Result in 2023

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379,044 units, which accounts for a 0.2% improvement compared to 2022. Besides, the total production
volume for both domestic sales and exports in 2023 reached 621,156 units, reflecting a 5.8% decrease
compared to 2022.

Toyota CBU Export and Production Volume in 2023 2023 Performance Difference compared to 2022
 Export Volume 379,044 units +0.2%
 Total Production Volume for Domestic Sales and Export 621,156 units -5.8%

Toyota Export and Production Outlook for 2024

Regarding the forecast of Toyota’s CBU exports for 2024, it is anticipated that the company will
continue to contend with the repercussions of a persistently sluggish global economic environment. Moreover,
the economic recovery and purchasing power of trading partners are expected to continue at a decelerated
pace. Therefore, Toyota’s export target is set at 358,800 units, representing a 5% drop over the last year. In
addition, the total production target in 2024 will be around 615,700 units, or a 0.9% decrease compared to the
previous year.

Target of Toyota CBU Export and Production Volume in 2024 2024 Target Difference compared to 2023
 Export Volume 358,800 units -5.0%
 Total Production Volume for Domestic Sales and Export 615,700 units -0.9%

Other Key Operations of Toyota in Thailand

Over the past year, Toyota has not only managed automotive business but also extended its operations
across various fields with an aim to ultimately achieve "Carbon Neutrality" by taking the "Multi-Pathway"
approach to pursue every possibility to help reduce greenhouse gas emissions resulting from passenger and
goods mobility. This involves strong collaborative efforts with key partners in different industries, for instance:

1) Toyota Motor Corporation, Charoen Pokphand Group (CP), True Leasing, Siam Cement Group (SCG),
and Commercial Japan Partnership Technologies Corporation (CJPT) have signed a Memorandum of
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There are three areas of focus: Data Solutions, Mobility Solutions, and Energy Solutions. Last year, a
remarkable outcome of this collaboration is for the first time in Thailand, the introduction of biogas-
derived hydrogen production equipment using poultry farm manure and food waste produced at CP's
poultry farm, as well as food leftovers from Toyota's cafeteria to make biogas to be utilized to power
hydrogen-fueled cars. As the next step, we are also taking on the challenge of energy efficiency
improvement and cost reduction throughout the entire process of producing, transporting and using
energy by using renewable energy suited to resource conditions and usage in Thailand. To improve
logistics efficiency through data, we will utilize CP and SCG's data in retail and logistics as well as
Toyota’s Digital Twin Technology to optimize the flow of personnel, logistics and energy by
collaborating with a social system such as energy management and traffic control, etc.
2) Toyota has joined force with Pattaya Municipality to build on the achievement of the Decarbonized
Sustainable City. The effort is aimed at establishing a comprehensive ecosystem to encourage the
adoption of alternative energy vehicles, providing residents in Pattaya with the opportunity to explore
diverse mobility options. Additional efforts have been made to introduce the electric prototype pickup
truck, Hilux REVO BEV, as a public transportation solution, catering to both residents and tourists in the
Pattaya Municipality. The trial service is set to start within the first half of this year onwards. This will
allow all project vehicles to contribute to a significant reduction in greenhouse gas emissions, estimated
at approximately 4,000 tons per year.

As for other social benevolent endeavors, Toyota is committed to driving the Thai society into the "Era
of Sustainable Development" in a bid to enhance the living conditions and quality of life for the Thai people, as
well as fostering a positive impact on the environment, economy, and society. This is achieved through ongoing
activities and the continuous expansion of operational outcomes across various projects and initiatives. Toyota
actively seeks collaborations with like-minded partners in different industries, aiming to collectively advance the
achievement of sustainable development goals for the Thai economy and society in the future.
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Move Your World

(Surapoom Udomwong)
Executive Vice President