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Indonesia's Monthly Car Sales Increased by 5.02% in November 2023: What's the Yearly Trend?

Cindy Mutia Annur 14/12/2023 12:49 WIB

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According to Gaikindo, wholesale sales of automobiles in the domestic market in November 2023 reached 84,390 units, a 5.02% increase compared to the previous month. However, year-on-year, the figure

Monthly Wholesale Sales Volume of Domestic Passenger Cars (November 2022-November 2023)*

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Monthly Wholesale Sales Volume of Domestic Passenger Cars (November 2022-November 2023)*

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According to the Indonesian Automotive Industry Association (Gaikindo), domestic wholesale car sales in November 2023 reached 84,390 units, a 5.02% increase month-on-month (MoM).

However, year-on-year (YoY), November 2023 wholesale car sales slumped 7.54% compared to November 2022, which recorded 91,275 units.

Cumulatively, domestic wholesale car sales from January to November 2023 reached 920,518 units. This figure is down 2.35% compared to the same period in 2022 (cumulative-to-cumulative/CTC), which totaled 942,686 units.

Gaikindo Secretary General Kukuh Kumara stated that one factor contributing to the decline in car sales in 2023 is the rising US dollar interest rates, particularly during September and October 2023.

Furthermore, Kukuh mentioned that stricter credit requirements also hindered car sales this year. He explained that currently, approximately 70% to 80% of car buyers in Indonesia still rely on credit transactions.

Consequently, tighter credit requirements slightly reduce four-wheeled vehicle purchases. However, Kukuh expressed optimism that this year's sales could match 2022's achievement.

"Hopefully (car sales) can reach 1 million units. Because until last November, we've already reached 920,000 (wholesale) units," said Kukuh, as reported by KatadataOTO on Monday, December 11, 2023.

Previously, Gaikindo stated that the purchasing climate in the automotive sector remains relatively high. It believes that the sales target of 975,000 units by the end of 2023 is achievable.

Editor : Erlina Fury Santika

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Indonesia's Monthly Car Sales Increased by 5.02% in November 2023: What's the Yearly Trend?

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