{"id":26206,"date":"2020-11-12T14:23:37","date_gmt":"2020-11-12T12:23:37","guid":{"rendered":"https:\/\/ijg.net\/research\/?p=26206"},"modified":"2020-11-12T14:23:39","modified_gmt":"2020-11-12T12:23:39","slug":"new-vehicle-sales-october-2020","status":"publish","type":"post","link":"https:\/\/ijg.net\/research\/new-vehicle-sales-october-2020\/","title":{"rendered":"New Vehicle Sales \u2013 October 2020"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

A total of 559\nnew vehicles were sold in October, representing a 36.1% m\/m decline from the\n875 vehicles sold in September, and a 42.4% y\/y contraction from the 971 new\nvehicles sold in October 2019. Year-to-date 6,215 vehicles have been sold of\nwhich 2,542 were passenger vehicles, 3,233 were light commercial vehicles, and\n440 were medium and heavy commercial vehicles. On an annual basis, twelve-month\ncumulative basis, new vehicle sales continued its downward trend with 7,804 new\nvehicles sold over the last twelve months, a 27.3% y\/y contraction from the\ncorresponding period last year, and the lowest since March 2005.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

296 new passenger vehicles were sold in October, an\nincrease of 6.1% m\/m, but contracting by 16.6% y\/y. Year-to-date passenger\nvehicle sales rose to 2,542 units, down 34.6% when compared to the year-to-date\nfigure recorded in October 2019. Twelve-month cumulative passenger vehicle\nsales fell 30.4% y\/y as the number of passenger vehicles sold continued to\ndecline. On a rolling 12-month basis, passenger vehicle sales are at their\nlowest level since April 2004 at 3,203 units, highlighting the severity of the\nslowdown in sales.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Following the\nstrong uptick in commercial vehicle sales in September when 596 units were sold,\nnew commercial vehicle sales fell to 263 in October, contracting by 55.9% m\/m\nand 57.3% y\/y. Of the 263 commercial vehicles sold, 217 were classified as\nlight commercial vehicles, 18 as medium commercial vehicles, and 28 as heavy and\nextra heavy commercial vehicles. On a twelve-month cumulative basis, light\ncommercial vehicle sales dropped 25.3% y\/y, medium commercial vehicle sales\nfell 19.7% y\/y, and heavy commercial vehicle sales contracted by 24.7% y\/y, with\nall measures remaining on a downward trajectory on an annual basis.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Toyota leads\nthe passenger vehicle sales segment with 28.4% of the segment sales\nyear-to-date, followed closely by Volkswagen with 26.1% of the market share. The\ntwo top brands maintained their large gap over the rest of the market with Kia\nand Hyundai following with 6.7% and 5.9% of the market respectively, leaving\nthe remaining 32.8% of the market to other brands.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Toyota retains\na strong year-to-date market share of 56.5% and remains the market leader in\nthe light commercial vehicle segment. Nissan remains in the second position in\nthe segment with 12.6% of the market, while Ford makes up third place with\n11.6% of the year-to-date sales. Mercedes leads the medium commercial vehicle\nsegment with 30.7% of the market. Scania remained number one in the competitive\nheavy and extra-heavy commercial vehicle segment with 22.8% of the market share\nyear-to-date, closely followed by Volvo Trucks and Mercedes with 19.7% and\n17.6% of the market respectively.<\/p>\n\n\n\n

The Bottom Line<\/strong><\/p>\n\n\n\n

Following the\nrelatively strong vehicle sales recorded in September, new vehicle sales\nreverted to the levels seen in prior months. The month of October has\nhistorically been one of the stronger months regarding new vehicle sales, but\nOctober 2020\u2019s sales of 559 units lagged the average number of vehicles sold\nduring the month by 682 vehicles. A slowdown in government spending in real\nterms, coupled with a halt in foreign direct investment brought on by poor\npolicy guidance has resulted in a stagnant economy and as a result erosion of\nconsumer and business confidence. This stagnation has been further intensified\nby strict lockdown measures aimed at slowing the spread of Covid-19.<\/p>\n\n\n\n

While it is\nstill early days, it does seem like the recently introduced 72-month vehicle\nloans have had a small positive impact on new passenger vehicle sales after two\nconsecutive months of growth in this segment, albeit off a low base. However,\nas it is unlikely that economic conditions will improve significantly in the\nshort- to medium-term, we expect the demand for new vehicles to remain low.<\/p>\n","protected":false},"excerpt":{"rendered":"

A total of 559 new vehicles were sold in October, representing a 36.1% m\/m decline from the 875 vehicles sold in September, and a 42.4% y\/y contraction from the 971 new vehicles sold in October 2019. Year-to-date 6,215 vehicles have been sold of which 2,542 were passenger vehicles, 3,233 were \u2026 Continue reading → <\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,20],"tags":[],"class_list":["post-26206","post","type-post","status-publish","format-standard","hentry","category-economicresearch","category-vehiclesales"],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/posts\/26206","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/comments?post=26206"}],"version-history":[{"count":1,"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/posts\/26206\/revisions"}],"predecessor-version":[{"id":26212,"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/posts\/26206\/revisions\/26212"}],"wp:attachment":[{"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/media?parent=26206"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/categories?post=26206"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/tags?post=26206"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}