Indonesias new vehicle market declined slightly to 92,874 units in September from 93,103 units in the same month of last year, according to wholesale data compiled by industry association Gaikindo.
Economic growth in the country has remained sluggish this year, with first-half GDP growth at around 5.1% – reflecting slowing investment and declining exports. Bank Indonesia reversed last year’s tightening policy, which was designed mainly to defend the rupiah, with four 25 basis point cuts in the last four months to 5% help stimulate domestic consumption.
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Vehicle sales were down by 12% at 753,954 units in the first nine months of the year from 856,439 units a year earlier, with passenger vehicle sales falling by just under 12% to around 576,400 units and truck and bus sales down by 13% at 177,554 units. The annual Gaikindo Indonesian International Auto Show (GIIAS) held in July had little to offer in the way of models that could drive a second half market recovery.
