Cambodian vehicle sales decreases by about 50 pct in first half
- Source: Xinhua
- [10:30 July 09 2009]
- Comments
Cambodia's Vehicle distributors gave a bleak assessment of the state of the industry, with most saying there is no sign sales will pick up before the end of 2010, local media reported on Wednesday.
Sales are down by around half in the six months to June 30, with the decline blamed on the depressed real estate market, dealers were quoted by the Phnom Penh Post as saying.
"The Toyota brand dropped 40 percent in the first half of this year compared to the same period last year," said Kong Nuon, president of TTHK, which holds the exclusive licence to distribute new Toyotas in the Kingdom, but he declined to tell how many vehicles his firm sold in the first six months.
Toyota is the brand leader in the Kingdom's new-vehicle market, selling l,100 automobiles last year. Kong Nuon expects to sell just 750 vehicles this year and predicted that demand next year will be 40 percent down on 2008.
Other dealers were also gloomy. Seng Voeung, division manager of Ford dealership RM Asia, told the Post that sales of Fords - for which the year's target was 500 units - are down one-fifth.
Seng Voeung predicted that the stagnant real estate market would lead to a 30 percent drop in Ford sales next year.
The country's third-biggest brand, Mitsubishi, has been hit even harder than its two larger rivals.
Ou Vannarith, the business development officer for Mitsu ( Cambodia) Co Ltd, which distributes Mitsubishi locally, also blamed the property market. "Sales dropped up to 70 percent in the first semester compared to the same period last year," he said.
Horn Seam, representative of SsangYong's distribute, Huotraco Automotive, which imports the South Korean brand, said times were tough even though the company's vehicles had been for sale in the country for just two years. Last year was successful - we met our target to sell 100 vehicles and set the same sales target for this year. However, we have reached only half of the target," he said, adding "we forecast the automobile market will continue to drop but should recover late next year or early 2011.