A total of 922 new vehicles were sold in October, marking a month-on-month (m/m) decline of 12.5% from the 1,054 vehicles sold in September and 7.5% less than the 997 sold in October last year, latest figures show.
“The fact that October’s new vehicle sales declined for a fifth consecutive month could be an indication that some of the pent-up vehicle demand is starting to ease. Still, despite October’s new vehicle sales dropping below the 1000-unit mark for the first time since May, all segments still witnessed significantly higher sales year-to-date. The twelve-month cumulative figure of 12,768 is trending around levels witnessed in 2018, indicating that the longer-term trend remains positive,” research firm, IJG said.
10,774 new vehicles have been sold year-to-date, of which 5,274 were passenger vehicles, 4,839 were light commercial vehicles, and 661 were medium- and heavy-commercial vehicles.
IJG
“In comparison, a total of 8,929 new vehicles were sold by October last year, and 7,938 were sold by October 2021. On a twelve-month cumulative basis, a total of 12,768 new vehicles were sold by the end of October, a 22.6% year-on-year increase from the 10,418 sold over the comparable period a year ago.”
A total of 444 new passenger vehicles were sold in October, 84 fewer than the 528 sold in September and 4.9% less than the 467 sold in October last year, with Toyota and Volkswagen’s sales accounting for 60.5% of the new passenger vehicle sales made in October according to IJG.
“Year-to-date, 5,274 new passenger vehicles have been sold, 16.1% more than the 4,542 sold during the same period a year ago. On a twelve-month cumulative basis, new passenger vehicle sales rose by 19.4% to 6,306 from the 5,283 sold over the corresponding period a year ago.”
A total of 478 new commercial vehicles were sold in October, a 9.1% month-on-month decline from the 526 sold in September and 9.8% less than the 530 sold in October last year according to IJG data.
“Year-to-date, light commercial vehicles are 26.7% higher than they were at the same point last year; medium commercial vehicles are 29.3% higher, and heavy and extra-heavy commercial vehicles are 11.5% higher year-to-date. On a twelve-month cumulative basis, light commercial vehicle sales are up 27.2% year-on-year, medium commercial vehicle sales are up 37.1% year-on-year, and heavy commercial vehicle sales are up 9.6% over the corresponding period a year ago,” the research firm said.
