Saudi Arabia Vehicles Market in 2015 hit the new all time record, the 5th in a row despite impact of oil prices at 14-year low. The 2016 is foreseen down moving ahead the target of 1 million annual sales.
While the country’s all important oil sector was the main drag behind the deceleration observed in Q3, recent data suggest that the current cheap-oil environment is also eroding activity in the non-oil sector.
In January, the non-hydrocarbon PMI hit its lowest value in the six-and-a-half-year history of the survey. Moreover, on 20 January, oil prices hit a 14-year low, which promises to put a dent in the Kingdom’s economic performance and the government’s coffers. Although Saudi Arabia’s huge reserves and low debt shield the country against a sharp economic downturn, prolonged low oil prices have the potential to severely hurt the economy.
In this regard, the 2016 budget included spending cuts and a gradual removal of some subsidies. Moreover, Saudi authorities have started to consider the possibility of selling shares of Aramco, the giant oil company owned by the Saudi Arabian state.
During the 2015 the Saudi Arabian vehicles market kept the growth albeit with a lower pace while expectations for a prompt recovery of international oil price had been evaporated month after month creating concerns about the 2016 and 2017 performance.
However as reported by the KSA Authority for Transportation, the 2015 hit the new all-time record again, the fifth in a row, with total vehicles sales at 892.647 units, up 4.7% from the previous year.
Toyota sales were flat from the previous year at 305.000 units with a huge gap on the second, Hyundai, at record sales of 154.339, and the third Nissan with 59.252 units.
The models ranking reported surprising performance from Hyundai models. Indeed, behind the usual leader, the Toyota Hilux first with 69-177 units, arrived the Hyundai Elantra and Accent respectively with 61.936 and 55.720 sales.
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