Record November vehicle sales backed by government tenders
November saw a total of 1, 583 vehicles which is 674 more vehicles sold in comparison to the average November figures of the past ten years. In their latest monthly vehicle sales report, IJG Securities said “low interest rates and decreases in income tax rates with continued government tenders are expected to carry the momentum of vehicle sales.”
Lower vehicle sales half way through the year confirmed slower economic growth in 2013 with a GDP growth rate of 4.6 % expected for 2013 down from the recorded 5.0 % in 2012 said IJG Securities. IJG Financial services attribute the record sales to a 14.8 % increase in commercial vehicle sales and a 3.9 % rise in passenger vehicle sales. On an annual basis, vehicle sales showed gaining strength for seven consecutive months. This is attributed to the record sales the past five months surpassing the previous year with 1,271 more sold. The sale of passenger vehicles increased monthly by 3.9 % reaching a record 737 vehicles sold in one month. Yearly passenger vehicle sales rose reaching a high of 51.6 % after 45.3% in October. Commercial vehicles sales increased in November due to higher sales numbers of light commercial vehicles backed by government tenders. Overall, commercial vehicle sales increased on an annual basis by 54 % in comparison to 44.9 % in October with Toyota and Volkswagen dominating the passenger market with the most sales in November. Toyota leading the light commercial vehicle sales at 60 % of market, followed by Ford at 9.4% and Isuzu in 3rd place.
