This reflects a growing stability in the automotive market, following April’s surge of 35.1% MoM to record 5.7k vehicles sold compared to March’s 4.2k
Automotive sales picked up in May 2024, rising 10.8% month-on-month (MoM), with figures from the Automotive Marketing Information Council (AMIC) reporting 6.3k vehicles sold.
This reflects a growing stability in the automotive market, following April’s surge of 35.1% MoM to record 5.7k vehicles sold compared to March’s 4.2k.
Accounting for 76.6% of all vehicle sales, passenger cars reported an increase of 5.7% to reach 4.8k units. Year-on-Year (YoY), passenger car sales dipped by 15.7%.
Bus sales rose 36.8% MoM to 450 units in May, while truck sales were up 29.4% MoM to just over 1k units. YoY, bus sales saw a drop of 35.2%, with truck sales witnessing the only uptick YoY with an increase of 10.5%.
Automotive sales have been somewhat volatile over the past few years due to foreign currency shortages, limited market supply, supply chain disruptions, and tightening of custom restrictions.
