Continuing off a decline that began at the end of 2015, the automotive market has continued to experience a slump in sales. Sales for the first 10 months of 2016 have recorded a 25.43% decline, compared to the corresponding period in 2015.
From January until the end of October, 173,600 units were sold in the market, compared to 232,800 units sold during the same period last year.
A report issued by the Automotive Marketing Information Council (AMIC) revealed that passenger car sales have declined during the first 10 months of 2016 by 24.14%, recording the sales of 124,200 cars, compared to 163,700 cars by the end of October 2015.
The sales of buses have declined by 31.8%, with 18,743 buses sold, compared to 27,470 year-on-year (y-o-y). The sales of trucks have declined by 26.28%, with 30,650 trucks sold, compared to 41,580 trucks y-o-y.
The sales of cars assembled locally have declined by 16.6%, representing 88,800 units sold during the first 10 months of the year, compared to 106,400 y-o-y. Imported car sales have declined by 32.8%, reaching 84,800 compared to 126,350 cars y-o-y.
The AMIC report stated that there was a 22% decline in sales during October compared to 2015, where 18,500 cars were sold compared to 23,700 cars y-o-y.
The report showed that the sales of passenger cars have declined in October by 19%, recording sales of 14,000 cars, compared to 17,200 cars y-o-y.
Sales of buses declined by 44.1%, recording sales of 1,400 buses compared to 2,550 y-o-y, according to the report.
The sales of trucks recorded a 21.9% decline, with 3,000 trucks sold compared to 3,900 trucks in October 2015.