ASEAN Light Vehicle (LV) sales increased by 14% YoY in May 2023 after the market saw a decline in March (-2% YoY) and April (-18% YoY). As such, ASEAN YTD sales turned from a declining of 2% YoY in January – April to the positive territory at 1% YoY in January – May. Briefly, the improvements were largely driven by positive sales growth in Indonesia, Malaysia and Philippines. In contrast, Vietnam LV sales remain weak while the Thai LV market was virtually flat.
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