Significant Decline in Car Sales

In the first five months of the year, car market sales saw a dramatic decrease, with approximately 30.5 thousand cars sold, a stark contrast to the 104.3 thousand cars sold during the same period last year. This represents a reduction of 70.7%.

Segmented Decline in Car Market

The Automobile Market Information Council (AMIC) report, acquired by Auto Club, revealed a 73% decrease in passenger car sales, amounting to 21.8 thousand units sold compared to the previous year’s 80.2 thousand. Bus sales dropped to 3.3 thousand, down by 55.5% from 7.5 thousand in 2022. Truck sales also experienced a downturn, with only about 5.2 thousand trucks sold compared to 16.5 thousand units in the same period last year, marking a decrease of 68%.

Top-selling Brands Amidst Market Decline

Despite the decline, Nissan led the pack as the best-selling brand during the first five months of the year, selling 5.5 thousand cars and securing an 18% market share. Chevrolet ranked second, with a 14% market share and total sales of 4.2 thousand cars, while Chery-Gabbour came third with a 12.6% share, selling 3.8 thousand cars.

Toyota, with an 8.9% share and 2.7 thousand cars sold, held the fourth position. Renault took fifth place, holding a 7.4% share with 2.2 thousand cars sold. BYD secured the sixth spot with a 6.3% share and 1.9 thousand cars sold, followed by Suzuki in the seventh position with a 5.9% share and 1.7 thousand cars sold.

Mitsubishi, with a 4.2% share, sold about 1.2 thousand cars, placing it in the eighth spot. Kia, selling a total of 1,000 cars, secured a 3.4% share, placing it ninth on the list.

Rounding out the top ten, MG secured a 3% market share with 909 cars sold. Hyundai, selling 747 cars, and Opel, with 597 cars sold, held the eleventh and twelfth positions, respectively, holding a 2.4% and 2% share. Other brands combined had an 11.9% market share, with a total of 3.6 thousand cars sold during this period.

Further Sales Decline in May

The car market continued to suffer in May, with a sale of only about 7.3 thousand cars, representing a 57.2% decrease compared to May 2022, which saw sales of 17.1 thousand cars.

The monthly report highlighted a significant decline in sales of “ownership” cars, with a total of 5.7 thousand cars sold, a 51.8% decrease from the previous year’s sales. Bus sales also declined by 60.6% to 694 units, while truck sales dropped by 68.5% to approximately 924 units, compared to the previous year’s 3.5 thousand units.