Car Market Witnesses 68% Decline in Sales over 7 Months
During the past 7 months, the car market experienced a substantial downturn, with a notable decline of 68% in sales. The Automotive Information Council (AMIC) report reveals that sales plummeted to approximately 43.1 thousand cars, a stark contrast to the 135 thousand cars sold during the same period in the previous year, 2022.
A significant contributing factor to this decline is the 69% drop in “owner” car sales, as outlined by the report. Specifically, around 31.8 thousand cars were sold, significantly less than the 101.5 thousand cars sold in the previous year.
The bus and truck segments also encountered setbacks. Bus sales declined to 4.5 thousand buses, marking a 56.1% decrease compared to the 10.3 thousand buses sold in 2022. Similarly, truck sales dwindled to approximately 6.7 thousand units, down from 23.2 thousand units during the comparative period, signifying a 23.2% decline.
AMIC’s data encompasses most local brands, but certain brands, predominantly German and their subsidiaries, are excluded from their calculations.
Nissan Leads, Chevrolet and Chery Follow
Amidst these challenges, Nissan emerged as the leader, dominating sales in the first 7 months of the year by selling about 6.9 thousand cars, commanding a market share of 16.2%. Chevrolet secured the second position, capturing a market share of approximately 12.7%, translating to a total of 5.4 thousand cars sold. Chery-Gabbour, a Chinese brand, held the third spot with a market share of around 11.4%, and sales reaching 4.9 thousand cars.
Toyota remained steadfast in the fourth place, boasting a market share of about 9.4%, selling over 4,000 cars. Renault followed in fifth place, achieving a market share of about 7.1% and selling over 3,000 cars.
Brands like BYD and Suzuki experienced a surge in their market shares, capturing 6.3% and 6.1% respectively. The MG brand secured the eighth rank with a 4.2% market share, selling around 1.8 thousand cars. Hyundai also maintained a 4.2% market share in the ninth position, with sales totaling 1.8 thousand cars. However, brands like Kia and Mitsubishi witnessed a dip in their market positions.
The Opel brand retained its twelfth rank with a market share of about 2.2%, selling 961 cars. Other brands collectively held a 12.3% market share, accounting for total sales of 5.3 thousand cars in the first 7 months of the year.
June Sales and Insights
The previous June marked a milestone, as approximately 6.2 thousand cars were sold, signifying a 50.7% drop compared to the same month the prior year. Interestingly, July 2022 reported sales of 12.7 thousand cars, highlighting the sharp decline.
The AMIC report underlines a noteworthy decline in “owner” car sales, with only 4.9 thousand cars sold in July, compared to 8.8 thousand in the previous year – an approximate 44.5% decline. Similarly, bus sales hit a low, dropping to 566 buses from about 1.3 thousand buses in July 2022, a 57.1% decrease. Truck sales followed suit, recording 797 trucks, compared to 2.5 thousand units in the same period the prior year, indicating a 68.8% decrease.
