Indonesian car sales jumped by 36.23% last year, a key indicator to an up-beat and strengthening economy. Analysts say the hike was driven by rising purchasing power and vital signs of an improved macroeconomic environment.
According to the Indonesian Car Industry Association (Gaikindo), sales increased to 434.499 units last year from 318.904 vehicles in 2006.
The low inflation rate and a relatively stable rupiah allowed the central bank to cut its benchmark interest rate to 8% by the end of the year from 9.5% in January - pushing borrowing costs down. This had a major impact on the car market where most vehicles are purchased on credit.
Almost all car brands enjoyed rising sales except Peugeot which saw sales slide by 28%. Three major brands - Daihatsu, Nissan and Mazda - made strong headway.
Daihatsu sales soared to 57% or 51,957 units. This gave P T Astra Daihatsu Motor a 12% increase on overall sales from 10.4% in 2006.
Nissan's stronger performance saw sales jump by 378% to 19.028 units, boosting its market share to 4.4% from 1.3%.
The increasing appeal of these brands was not good news for Toyota, despite an improvement in sales of 21.7%. While still by far the leading car brand in Indonesia, its market share declined to 34.7% from 38.8%.
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