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Saudi Arabia 2020. Toyota shines in a market up 6.9% after six months

Saudi Arabia Auto sales in the first half 2020 have been  247.799, up 6.9%, thanks to a rush in June for new tax introduction and takin benefit of a fast start of the year. Toyota is market leader, ahead of Hyundai and Mazda.

The Q3 outlook is almost negative.

Q2 2020 Light Vehicles sales figures

The start of 2020 was in line with the trend and sales in the first quarter reported a strong performance, with 137.685 sales, up 27.4%, despite in the second half of March the first concerns regarding the potential spread of covid19 in the country started to slow down the demand.

Aiming to slow down the spread of the COVID-19, in March 15th the Government imposed closure for shopping malls, restaurants, and public parks, with the exception of essential businesses. On 20 March, the Ministry of Interior suspended domestic flights, trains and buses for 14 days, while on 24 March, a national curfew was introduced with movement restricted to between 7 p.m. and 6 a.m.

As a result, after registering an outstanding trend during the two months of 2020, the car market in March was flat (-0.2%) with 39.830 units sold. Unfortunately the covid19 required a complete shutdown in April and May and actually it is not yet under control.

The market dropped both in April and May before to revamp in June, when a rush to purchase vehicles was created by the July 1st VAT introduction.

The first half sales have been 247.799, up 6.9%, but the Q3 outlook is almost negative

The market leader was Toyota, reporting 71.311 sales (+21.6%) with 28.8% of market share ahead of Hyundai (-16.5%) and Mazda (+4.6%).

Economic Environment

Still grappling with measures to contain the pandemic and the stark fall in oil production, the economy likely contracted at a sharper pace in the second quarter after declining at the quickest clip in over two years in the first quarter due to weakness in the non-oil sector.

Despite gradually easing measures since late April, international borders remain closed and bans on religious pilgrimages were upheld, which will have hammered the tourism and retail sectors. Moreover, the suspension of living allowances and depressed consumer confidence likely continued to drag on private spending.

Turning to the energy sector, oil output likely plummeted in Q2 as production cuts to bolster prices took effect in May and were extended until end July.

Tables with sales figures

In the tables below we report sales for all Brands, top 10 Manufacturers Group and top 10 Models

Source: focus2move.com

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