丰田在泰国大规模推出日式残值贷款（zankure）以低月供抵御中国廉价电动车，但属8月已落地、无量化增量的防御性举措

TOKYO -- Toyota Motor has begun offering a type of auto financing in Thailand that is common in Japan, a move designed to make its vehicles more affordable and help fend off inexpensive Chinese rivals.
As Chinese automakers boost sales of low-cost electric vehicles in Southeast Asia, which has long been dominated by Japanese brands, Toyota is betting lower monthly payments can defend market share.
Under the financing scheme, called zankure, a vehicle's estimated value at the end of a three- to five-year contract is set as the residual value. Buyers repay only the difference between the vehicle price and its estimated residual value, resulting in lower monthly payments than conventional auto loans.
For example, on a five-year contract with a 30% residual value and a 4% interest rate, monthly payments can be roughly 30% lower than under a standard loan.
At the end of the contract, the buyer has three options: return the vehicle, trade it in or buy it at the residual value.
Toyota launched the program in Thailand in August, making it available through nearly all Toyota dealerships nationwide. While similar products have been offered on a limited basis in markets such as Singapore and Malaysia, Thailand marks the company's first large-scale rollout in Southeast Asia's biggest auto market.
Historically, Thai consumers tended to purchase vehicles outright and keep them for long periods. In recent years, however, installment payments for products such as household appliances and motorcycles have become increasingly common, paving the way for fixed monthly payment plans.
Toyota also sees the program as a way to improve transparency in the used-car market. Private transactions are widespread in Thailand, making it difficult to assess appropriate resale values. By setting residual values upfront, the scheme can help circulate used vehicles with clearer pricing. Toyota says broader recognition of the strong resale value of Toyota vehicles will further strengthen the brand's competitiveness.
The initiative is also part of Toyota's push to expand earnings from "value chain businesses" beyond new-car sales. The company aims to raise such revenue 40% to 3 trillion yen ($18 billion) by fiscal 2030. Used-car sales and financial services are among the key areas, with residual value financing serving as one of the offerings.
Other Japanese automakers, including Honda Motor and Mitsubishi Motors, have also expanded financing operations in markets such as Thailand and the Philippines.
For nearly 50 years, Toyota has maintained the largest share of Thailand's auto market, which has traditionally been dominated by Japanese makes. In recent years, however, Chinese-made EVs priced below comparable gasoline-powered models have gained traction.
According to KPMG Consulting, Thailand's passenger vehicle sales rose 15% year-on-year to approximately 350,000 vehicles in the January-June period. EVs accounted for a record 31% of sales, up about 14 percentage points from a year earlier. Government subsidies and an influx of surplus Chinese-made vehicles have contributed to the surge.
China's BYD has launched a succession of new models, including the Atto 3 electric SUV. The vehicle is priced at around 670,000 baht ($19,900), roughly 20% less than Toyota's Yaris Cross SUV at about 820,000 baht. In 2025, BYD ranked third in Thailand by sales, behind Toyota and Honda.
According to the Japan External Trade Organization, Chinese automakers' share of Thailand's registered vehicle market reached 26% in 2026, up roughly 20 percentage points from 2021. By contrast, Japanese brands, including Toyota, saw their combined share fall about 21 points to 64%.
Research firm GlobalData forecast Thailand's annual new vehicle sales will expand by roughly 50% to 950,000 vehicles by 2038.
The rise of Chinese competitors is prompting Japanese automakers to rethink their strategies in Thailand. Suzuki Motor announced in 2024 that it would cease local production and sold its assembly plant to Ford Motor. Honda has consolidated two assembly plants and significantly reduced production capacity, while Nissan has ended production at one of its two assembly plants and concentrated output at the other.