Lebanon Businessnews News

New car sales
drop 33 percent
KIA tops the list
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The sale of new automobiles dropped by 33 percent in 2019 compared to the preceding year, with 21,991 private and commercial vehicles registered.

The number of new cars registered during the last two months of 2019 plunged by 74 percent compared to the same period of 2018. The suspension of lending by banks, and inability of customers to withdraw sizable cash during the fourth quarter of last year, are among the reasons that led to this drop in sales, according to Samir Homsi, Chairman of the Association of Automobile Importers (AIA).

Japanese cars accounted for 39 percent of the market share, followed by Korean cars at 25 percent, European cars at 23 percent, American cars at nine percent, and Chinese cars at four percent.

Korean car sales dropped 41 percent to 5,495 cars. Japanese car sales decreased 36 percent to 8,630 cars. European car sales decreased 22 percent to 5,023 cars. American car sales shrank 30 percent reaching 1,985 cars. Chinese car sales decreased 11 percent to 858 cars.

KIA continues to top the list of new passenger car sales and conserve its 15 percent market share, with 3,205 units sold despite the 36 percent decrease in sales. Toyota and Nissan follows with 2,479 cars and 2,349 cars, respectively.

BMW sales increased by 45 percent this year compared to 2018. Chinese GAC – Trumpchi sales increased by 500 percent. Saad and Trad, dealer of Bentley and Lamborghini, succeeded to increase the sales of the two brands by 45 percent and 18 percent respectively.

Reported by Gisele Khalaf
Date Posted: Jan 15, 2020
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