Vehicle sales fall 18.7%
Sales of new vehicles have been under pressure since 2015 because of waning consumer and business confidence.
New vehicle sales of 1 094 units were recorded in August, with sales falling by 19.9% from the 1 366 new vehicles sold in August 2016.
This is according to the monthly report released by IJG Securities on the number of vehicles sold in August.
On a month-on-month basis, new vehicle sales fell by 18.7%, with August recording 252 fewer in sales than July. Year to date, 9 272 vehicles have been sold, 21.4% fewer than sales recorded in the corresponding period of 2016.
Of the 9 272 vehicles sold this year, 3 978 were passenger vehicles, 4 848 were light commercial vehicles, and 446 were medium and heavy commercial vehicles.
“Passenger vehicle sales fell by 24.5% year-in-year (y-o-y), to 400 vehicles, while commercial vehicle sales have fallen by 17.0% year-on-year. Of the 694 commercial vehicles sold in August: 650 were classified as light, 12 as medium and 32 as heavy,” it said in the report.
According to IJG, heavy commercial vehicle sales contracted by 25.6% year-on-year.
“The highest volume for this calendar year so far was the sale in June of 83 units, which provided some optimism as increased capital spending pointed toward improving business confidence. Light commercial vehicles sales make up the bulk of this category's sales, reporting a decline of 15.7% month-on-month (m-o-m) and falling 15.1% y-o-y,” IJG said.
On a twelve-month cumulative basis, vehicle sales remained under pressure, contracting by 24.4% year-on-year.
“Instalment credit, which is mainly used to finance vehicle purchases, has slowed considerably. Although, instalment credit increased by 0.5% month-on-month in July, this followed six months of consecutive month-on-month declines, bringing the annual growth to -1.4% year-on-year,” IJG said.
Year to date, Toyota and Volkswagen continued to maintain their strong hold on the passenger vehicle market, claiming 36% and 25% of the market respectively. They were followed by Ford and Mercedes at 7% and 4% respectively, while the rest of the passenger vehicle market continues to be shared by several competitors.
“Toyota remains the leader in light commercial vehicle sales with 47% of the market, followed by Nissan at 16%. Ford and Isuzu claimed 12% and 9% of the number of light commercial vehicles sold in 2017,” IJG said.
According to IJG, vehicle sales have been under pressure since 2015.
“The Private Sector Credit Extension (PSCE) growth figures prove testament to waning consumer and business confidence and an already stretched consumer as instalment credit, mainly used to finance capital goods, remains sluggish,” it said in the report.
STAFF REPORTER
This is according to the monthly report released by IJG Securities on the number of vehicles sold in August.
On a month-on-month basis, new vehicle sales fell by 18.7%, with August recording 252 fewer in sales than July. Year to date, 9 272 vehicles have been sold, 21.4% fewer than sales recorded in the corresponding period of 2016.
Of the 9 272 vehicles sold this year, 3 978 were passenger vehicles, 4 848 were light commercial vehicles, and 446 were medium and heavy commercial vehicles.
“Passenger vehicle sales fell by 24.5% year-in-year (y-o-y), to 400 vehicles, while commercial vehicle sales have fallen by 17.0% year-on-year. Of the 694 commercial vehicles sold in August: 650 were classified as light, 12 as medium and 32 as heavy,” it said in the report.
According to IJG, heavy commercial vehicle sales contracted by 25.6% year-on-year.
“The highest volume for this calendar year so far was the sale in June of 83 units, which provided some optimism as increased capital spending pointed toward improving business confidence. Light commercial vehicles sales make up the bulk of this category's sales, reporting a decline of 15.7% month-on-month (m-o-m) and falling 15.1% y-o-y,” IJG said.
On a twelve-month cumulative basis, vehicle sales remained under pressure, contracting by 24.4% year-on-year.
“Instalment credit, which is mainly used to finance vehicle purchases, has slowed considerably. Although, instalment credit increased by 0.5% month-on-month in July, this followed six months of consecutive month-on-month declines, bringing the annual growth to -1.4% year-on-year,” IJG said.
Year to date, Toyota and Volkswagen continued to maintain their strong hold on the passenger vehicle market, claiming 36% and 25% of the market respectively. They were followed by Ford and Mercedes at 7% and 4% respectively, while the rest of the passenger vehicle market continues to be shared by several competitors.
“Toyota remains the leader in light commercial vehicle sales with 47% of the market, followed by Nissan at 16%. Ford and Isuzu claimed 12% and 9% of the number of light commercial vehicles sold in 2017,” IJG said.
According to IJG, vehicle sales have been under pressure since 2015.
“The Private Sector Credit Extension (PSCE) growth figures prove testament to waning consumer and business confidence and an already stretched consumer as instalment credit, mainly used to finance capital goods, remains sluggish,” it said in the report.
STAFF REPORTER
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