Indonesia's new vehicle market continued to recover in November, with sales rising by 15% to 99,900 units from 86,900 units a year earlier, according to industry sources quoting data compiled by Industry association Gaikindo.
This is the eighth consecutive month of growth for the market after two years of decline, bringing cumulative 11-month sales to 974,800 units, up by 3.6% from 940,000 units in the same period of last year.
The market's recovery reflects successive benchmark interest rate cuts by the central bank this year, to 4.75% from 7.75% at the beginning of the year. Domestic consumption has underpinned the country's 5% economic growth so far this year, offsetting weak exports.
New model launches, including new low-cost MPVs from Toyota and Daihatsu, and intense marketing activity in recent months, also have helped lift the market.