Q1 2014 Saudi Automotive industry rose 3%. Albeit this was the best ever first quarter for this market, local observers were disappointed by a lowered demand fearing for a possible data consolidation during the upcoming months.
In March 2014 accordingly with data released by focus2move Research Team through local sources and KSA Authority for Transportation, total new Light Passengers Vehicles sold have been 69.970, up 3.9% from year ago. First quarter 2014 sales have been 197.027, up 1.7% from year ago.
The lower domestic market trend is not stopping the process started by the Saudi government that is encouraging the development of the local automotive industry through the National Clusters Development Program, which sustains for carmakers wishing to invest in Saudi Arabia to create a local hub for exporting in the entire regions.
There are a number of comparative advantages for Saudi Arabia including the availability of cheap land and energy and the existence of support companies that provide materials to the car industry like the Saudi Basic Industries Corporation (SABIC), one of World leader in polymers and plastics or Alcoa, that is building a mega plant to produce here aluminum with an investment of $10.8 billion.
As you may already know, last year Jaguar Land Rover have signed a preliminary agreement with the Ministry of Commerce and Industry to build a plant to produce 50,000 Land Rovers a year as of 2017.
However, other companies have expressed interest in local manufacturing operations including Ford, GM and Chrysler and are in talks with the ministry.
To have a full picture of Saudi Arabia car market with all data and statistics, give a look at the recent research “Saudi Arabia Car Market Insights. A unique report with 2014 forecast.”
In the first quarter Toyota retailed 68.276 vehicles with 34.7% of market share followed by Hyundai with 12.368 units. Nissan was pushed in third place by LCV sales, ahead of Kia, Chevrolet, Isuzu and Ford.
Surprisingly, the Chinese Geely has broken a wonderful growing momentum with quarterly sales fell 59% from correspondent period last year.
In the interactive tables below you can sort thru the twenty Best-selling models. Wishing to receive more details on this market, just contact us.
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