New vehicle sales decrease by 8.8% in January
A total of 666 new vehicles were sold in January, which represents an 8.8% month /month decrease from the 730 vehicles sold in December 2018.
During the month in review about 301 light commercial vehicles, 14 medium commercial vehicles, and 21 heavy commercial vehicles were sold. About 330 new passenger vehicles were sold during January, 6.5% higher than the 310 passenger vehicle sales sold in December 2018, while commercial vehicle sales declined to 336 units in January, representing a contraction of 20%.
IJG Research noted that while January new vehicle sales have historically been low when compared to most other months, 2019’s January figure was the lowest since 2006.
On an annual basis, the January figure represents a drop of 21.7% from the 851 new vehicles sold in January 2018.
“The prospects for new vehicle sales remain dim in the short- to medium-term as government remains committed to fiscal consolidation and the economy remains in a recession, putting pressure on demand and investment,” IJG added.