Indonesia's new vehicle market continued to recover in October with sales rising 4.1% to 92,000 units from 88,400 units a year earlier, according to industry sources quoting data compiled by Industry association Gaikindo.
This is the seventh consecutive month of growth for the market after two years of decline, bringing cumulative 10-month sales to 874,850 units, up by 2.5% from 853,100 units a year earlier.
The country's central bank continued to cut its benchmark interest rate last month, by a further 25 basis points to 4.75%, as it looks to underpin domestic economic growth amid increasing global economic uncertainty. At the beginning of the year, the rate was 7.75%.
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.
Gaikindo's deputy chairman Jongkie Sugiarto remains confident that full year sales will reach 1.05m units – 3.6% higher than last year's 1.013m.