Auto sales in Vietnam fell 16% in the first quarter. The domestic economy has been stagnant since last year due to sluggish exports and other factors, and auto sales continue to be double-digit percentages below the previous year's level. Although there was a rush of demand in December before the expiration of a reduction in registration fees for domestically produced cars, sales figures returned to year-on-year declines in January and February. Meanwhile, figures in the Philippines increased 13% in the first quarter, the highest among the five countries, after inflation eased to around 4% in late 2023 and as consumer spending remained strong. As automakers from China, Japan, South Korea and other countries increasingly compete in Southeast Asian nations that have a growing middle class, subsidies and macroeconomic conditions are expected to be key factors for the region's auto sales. The Malaysian Automotive Association expects a 7.5% decline in total vehicle sales this year, although sales of hybrid and battery electric vehicles are expected to grow. "Consumer spending may slow down due to concerns over targeted subsidy rationalization, high cost of living, implementation of proposed High Value Goods Tax, and higher service tax rate for some services including motor vehicles repair and maintenance," the association said. (ICE KUALA LUMPUR)

Fonte notizia: 22 maggio 2023, Kuala Lumpur