Saudi auto sales seen to slow down in 2H ’14

01/11/2014 08:53 AST

SAUDI Arabia’s auto market had a record first half sales this year, selling 412,921 vehicle during the first 6 months of 2014, representing a 5.7percent increase compared to the same period last year.

Research compiled by motory.com, a Saudi-based automotive portal, showed Toyota topping the sales chart, despite numerous recent recalls, capturing a 35percent share of the market with over 150,000 vehicles sold.

The second best-selling brand was Hyundai, with almost 72,000 units sold during the first half, about 17.5 percent market share. Third place went to Nissan, which sold almost 33,000 cars, or an 8 percent market share.

Saudi Arabia continues to be the largest market for automobile sales in the region, and has shown resilience in the first half, despite the discouraging economic conditions. The sales performance will however slowdown in the second half owing to a couple of political and economic factors.

The recent instabilities in Syria and decreasing oil prices will cast a shadow on sales for the second half of this year and next year; but is expected to rebound by 2016 with the expectation that the political landscape will normalize and oil prices will rebound to its nominal $100/per barrel level.


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