Auto sales decline 39% y-o-y in January

Auto sales declined 39% year-on-year in January, with 9,400 vehicles sold throughout the month, according to data from the Automotive Information Council, Al Borsa reports. Passenger car sales dropped 28%, while bus and truck sales fell 55.5% and 57.8%, respectively. General Manager of Brilliance at Bavarian Auto, Khaled Saad, attributed the declining sales to the sharp increase in auto prices during the past three months, which have discouraged purchases. Saad says the downward trend likely persisted in February, and expects sales to pick up in March on the back of price reductions auto companies are beginning to introduce in a bid to speed up sales of stockpiled vehicles.