Thursday, October 17, 2019
Home > Economy > Q1 car sales rise 3.2% to 190,000 units

Q1 car sales rise 3.2% to 190,000 units

Sales of new cars in the Kingdom’s markets grew by 3.2 percent to hit 190,000 cars in the first quarter of the current year compared to 184,000 in the same period last year, local media said quoting experts.
Car sales are growing annually not only in the Kingdom but in the whole world, Faisal Abu Shoushah, head of National Committee for Car Dealers, was quoted by Al-Eqtisadiah as saying.
He attributed car sale increase to the high employment rates as well as the increasing number of the projects in the Kingdom, especially the young category makes up the vast majority of the Saudi society.
Yasir Abu Alfaraj, assistant secretary of Makkah Chamber of Commerce and Industry, stated that car market does not experience recession. However, that does not mean all new cars are immediately sold, noting that sales are mostly concentrated in the second-hand cars.
He added that car sales are annually changing due to their link to euro and Japanese yen prices and customs duties.