Vehicle sales show improvement in May
According to IJG, a financial services company, in an analysis last week, a total of 966 new vehicles were sold in May. This represents a 7.5% increase from the 899 vehicles sold in April and a 0.7% increase from the 959 vehicles sold in May last year.
Year-to-date 5322 new vehicles have been sold of which 2387 were passenger vehicles, 2642 light commercial vehicles, and 293 medium and heavy commercial vehicles. In comparison, 5036 new vehicles were sold by May 2023.
On a 12-month cumulative basis, a total of 12,815 new vehicles were sold at the end of May,
representing an 11.2% y/y increase from the 11,528 sold over the comparable period a year ago.
This, IJG says, shows the demand for vehicles remains remarkably strong despite relatively tight monetary conditions.
460 new passenger vehicles were sold in May, an 11.9% m/m increase from the sales figure recorded in April but 5.2% less than the 485 vehicles sold in May last year. On a twelve-month cumulative basis, new passenger vehicle sales rose to 5928 and is up 3.5% year-to-year (y/y) from the 5726 sold over the corresponding period a year ago. Toyota and Volkswagen’s sales accounted for 63% of the new passenger vehicles sold in May.
Commercial Vehicles New commercial vehicle sales totalled 506 in May, increasing by 3.7% m/m and 6.8% y/y. Light commercial vehicle sales rose by 8.9% y/y, medium commercial vehicles were down 31.8% y/y, and heavy commercial vehicle sales rose by 5.6% y/y.
On a twelve-month cumulative basis, light commercial vehicle sales were up 20.9% y/y, medium commercial vehicle sales were down 15.1% y/y, and heavy commercial vehicle sales were up 13.2% y/y over the corresponding period a year ago.
Meanwhile, according to the sales statistics, Toyota retained its lead in the new passenger vehicle sales segment, claiming 45.2% of the sales year-to-date, followed by Volkswagen with 17.9% of the market share. Kia held 10.1% of the market share, leaving the remaining 26.7% of the market to other bands.
