Car Sales Drop 30% in Thailand

New-car sales in Thailand plunged to 17,800 units last month from 25,400 in February 2015, according to Toyota Motor Corp., which tracks market statistics in the country. Deliveries of commercial vehicles rose 2% to 39,300 units.

Toyota says total vehicle sales in Thailand through the first two months of 2016 shrank 12% to 108,900 units.

Analysts say this year’s slump reflects the impact of tight credit, weakened consumer spending power and an excise tax increase that took effect in January. Toyota predicts the market’s volume this month will be unchanged from last March.