New vehicle sales in the month of November declined by 2.4% or 1,286 units, bringing the Total Industry Volume for the month to 52,584 units of passenger and commercial vehicles. By segment, passenger vehicles accounted for 47,754 units (91%) of the month’s TIV with the remainder being commercial vehicles (including pick-up trucks).
Compared to the same month in 2018 when the market was still in a state of ‘fatigue’ after the surge during the 3 months of GST-free sales, it was to be expected that the figures in 2019 would be higher, with 4,302 units more sold in 2019. A larger volume of passenger vehicles (10% compared to 2018) was sold but commercial vehicles were actually 2% lower.
As for the TIV for the year to date, ie 11 months, the cumulative volume has reached almost the same level. From January to November, the TIV was 549,445 units which was just 965 units less than for the same period in 2018.
The output of locally-produced vehicles was lower than in November 2018, probably as companies started preparing to scale down stocks with the year coming to an end. 46,517 vehicles were produced, about 8% less than in 2018.
However, the cumulative TIV for 11 months shows that 2019 saw a higher output of 528,333 units where in 2018, the output during the same period was 522,572 units. Passenger vehicles accounted for the boost in numbers but commercial vehicles declined.
One month remains and in order to achieve the forecast of 600,000 units for the year by the MAA, 50,555 units would have to be registered in December. This is likely to be possible, with some extra added, as companies will be pushing hard to clear stocks and offer special deals in sales promotions. Many will also be closing their financial year and will want to be able to report the highest numbers to shareholders.
