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Car sales down 13 percent in Q1 of 2019
Gaikindo had set a sales target of 1.1 million units this year
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Visitors examine two passenger cars manufactured by PT Honda Prospect Motor in Jakarta.
(Antara/Puspa Perwitasari)
Domestic car sales declined by 13 percent in the first quarter of 2019 from the same period last year, the Association of Indonesian Automotive Manufacturers (Gaikindo) has reported.
Sales between January and March was recorded at 253,863 units, a significant decrease from last year's figure of 292,031 units.
March sales declined 11.4 percent year-on-year (yoy) to 90,189 units from 101,797.
In early January, Gaikindo forecast Indonesia's automotive industry to experience stagnating growth, owing to high loan interest rates, docile inflation and stagnant purchasing power.
The association had set a sales target of 1.1 million units this year – unchanged from its 2018 target and even lower than last year’s sales realization of 1.15 million units.
Sales declined despite policymakers' efforts to boost financing for cars through the Financial Services Authority Regulation No. 35/2018, which offers a 0 percent down payment for car installments.
