KONTAN.CO.ID - JAKARTA. As we enter May 2024, the national four-wheeled vehicle industry shows no signs of performance improvement.

Quoting the latest data from the Association of Indonesian Automotive Industries (Gaikindo), national car wholesales (factory to dealer) sales fell 21% year on year (YoY) to 334,969 units in January-May 2024, down from 423,771 units previously. 

National car retail sales (dealer to consumer) also corrected by 14.4% yoy to 361,698 units in January-May 2024, down from 422,514 units previously.

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Baca Juga: Indonesian Wholesale Car Sales Decline in January 2024

On a monthly basis, national car wholesale sales managed to grow 46.5% month to month (mum) from 48,637 units in April 2024 to 71,263 units in May 2024.  Similarly, national car retail sales rose 22.7% mtm from 58,788 units in April 2024 to 72,137 units in May 2024.

Gaikindo's First Chairman, Jongkie Sugiarto, stated that the decline in national car sales is in line with low consumer demand. 

This is still caused by the national economic growth which tends to slow down and the pressure of the rupiah exchange rate against the US dollar which leads to inflation and affects people's purchasing power.

The Bank of Indonesia's benchmark interest rate is still at a high level of 6.25%, thus affecting the interest rate of motor vehicle financing loans.

Nevertheless, Gaikindo hopes that car sales will soon recover in the following months. So far, Gaikindo is still maintaining the target of national car sales of 1.1 million units by the end of 2024.

Baca Juga: Indonesian Wholesale Car Sales Down 23.9% YoY in Q1 2024

“The projection for 2024 is still 1.1 million units, but adjustments can be made at any time,” he said on Monday (10/6).

Referring back to Gaikindo's data, Toyota still tops the list of best-selling car brands in Indonesia with wholesale sales of 104,338 units in January-May 2024. Toyota also recorded retail sales of 116,621 units until May 2024.

Next, there is Daihatsu which achieved wholesale sales of 70,467 units and retail sales of 76,313 units in January-May 2024. 

Meanwhile, Honda is in third place with wholesale sales of 39,971 units and retail sales of 44,056 units in January-May 2024.