The number of brand new vehicles sold by dealers and manufacturers in Kenya dropped to an eight year low of 10,722 units in 2017.
This was a drop of 20.7% compared to 13,535 units sold in 2016, which also represented a decline of 30.5% from 19,966 units in 2015. December sales dropped by 4% to 888 units (2016 Dec; 925 units sold) with Isuzu taking a bigger chunk of the sales at 368 units.
During the year, Isuzu EA dominated the entire market with a share of 35.3% having sold 3,783 units. Toyota followed closely with a market share of 23.4% having sold 2,508 units as shown in the table below.
Isuzu Motors East Africa (Formerly General Motors East Africa) dominated the export market with 150 units sold against the total of 310 units.
The 8 year drop is mainly attributed to the slow down in financing of new vehicles by banks, due to the introduction of rate caps in 2016, the prolonged electioneering period.-KWS
Equity Axis is an online financial media service platform focused on African markets offering real-time stock quotes, news, analysis and data.