New vehicle sales dropped 10% in October - MAA

MAA has released its latest report regarding the total volume of new vehicle sales in October 2022 - a 10% drop compared to the previous month.

It was expected that the figures would maintain around the same levels in the final quarter of 2022, but the drop to 61,002 units sold in October compared to September's 67,698 units showcased a slight decrease in new vehicle deliveries by manufacturers.

Year-to-date 50% higher compared to 2021

While the total new car sales volume has gone a bit slower in the previous month, manufacturers are still fulfilling all the bookings that were made prior to 30 June 2022 as well as catering to all new orders received after the tax holiday cut-off period.

Despite this slightly slower rate, the year-to-date sales figure from the beginning of the year until the end of October 2022 is considerably higher at 577,902 units - 50% higher compared to the same period in 2021 which was only 383,589 units.

Looking forward to November, MAA expects the figures will most likely maintain around the same mark as October. Shortage of chips and several components still continues to affect certain manufacturers in the country, but at a much smaller scale.