New vehicle sales decline to 982 in September
About 982 new vehicles were sold in September, representing a 7.4% decrease from the 1 061 vehicles sold in August, and a 13.4% decrease from September 2017, IJG Research reported.
A total of 333 new passenger vehicles were sold during September, declining by 20.9% while 649 new commercial vehicles were sold in September, representing a 1.4% increase.
“Year-to-date, Toyota and Volkswagen continue to hold their market share in the passenger vehicle market based on the number of new vehicles sold, claiming 34.8% and 27.8% of the market respectively. They were followed by Hyundai at 5.8% and Kia at 4.8%, while the rest of the passenger vehicle market was shared by several competitors,” IJG said.
Moreover, Toyota also remained the leader in the light commercial vehicles space with a robust 56.8% market share, with Nissan in second place with an 18.1% share. Ford and Isuzu claimed 8.6% and 5.1%, respectively, of the number of light commercial vehicles sold year-to-date.
“If implemented, the proposed changes to the income tax legislation is very likely to have a negative impact on economic growth, and put additional pressure on both individuals and corporates. This means that lower spending on capital assets will reduce the demand which is already under pressure for both passenger and commercial vehicles,” IJG added.