Passenger car sales drop 2.3% y-o-y in January, reaching their lowest level since May 2017

Passenger car sales declined 2.3% y-o-y in January to 6,800 vehicles from 9,700 in the same month last year, according to an Automotive Marketing Information Council report picked up by Al Mal. January say the lowest number of cars sold since May 2017 and the slump comes after sales had recovered substantially in December. The decline is attributed to low sales of imported vehicles, which dropped 21.4% y-o-y; sales of locally assembled vehicles rose 25% y-o-y in January.