Indonesia's new vehicle market showed no sign of stabilising in October 2020, with sales plunging by almost 49% to 49,043 units from 96,030 units in the same month of last year, according to member wholesale data compiled by industry association Gaikindo.

The global COVID-19 pandemic has taken a heavy toll on the economy with domestic consumption, investment and exports having weakened significantly this year. GDP declined by 3.5% in the third quarter, with continued social and business restrictions across many parts of the country holding back recovery, after shrinking by 5.3% in the second quarter.

Vehicle sales in the first 10 months of 2020 were down by over 50% at 421,089 units compared with 849,609 units in the same period of last year, after deliveries fell by over 59% in the third quarter and by almost 90% drop in the second quarter.

Sales of passenger vehicles were down by almost 52% at 313,113 units year to date while sales of trucks and buses dropped by close to 46% at 107,976 units.

Toyota reported an almost 54% year on year decline in wholesale volume to 127,208 units in the 10-month period followed by Daihatsu with a 49% drop to 77,471 units, Honda 57,420 units (-49%), Suzuki 50,045 units (-38%) and Mitsubishi Motors 44,249 units (-59%).