The decline in auto sales has been partially attributed to the economic conditions that have yet to recover to pre-Covid levels. Consumers continue to delay purchase decisions, and a significant obstacle is the stringent stance of financial institutions in extending credit, auto industry observers said. There is concern about the creditworthiness of borrowers, particularly in the commercial vehicle market and the one-ton pickup truck segment, where financing plays a pivotal role in driving sales.
In October 2023, total auto sales reached 58,963 units, marking an 8.8% decline compared to the same period last year. However, passenger cars continued to show consistent growth with sales of 22,130 units, representing a 13.7% increase. Commercial vehicles experienced a consecutive decline with total sales of 36,833 units, reflecting an 18.4% contraction. This decline was particularly…
