Signs of slowing down in passenger car (PCs) demand have been evident since December 2022
- According to VAMA, in Dec-2022, total sales of passenger cars (PCs) was 23,825 (-5.6 %MoM; -33.9 %YoY), driven by lower purchasing power due to rising interest rates and high base performance of Dec-2021. Notably, it is possible that the negative growth month-over-month is necessarily a signal of slowing down in PCs demand.
- The challenges of PCs consumption as mentioned above has not been fully reflected on the business performance of Vietnam PC distributors in Q4 2022. While Haxaco Jsc. (HSX: HAX) posted a negative growth in Q4 2022 sales, City Auto (HSX: CTF) maintained its strong sales growth.
- Global total vehicle sales (included passenger car and light truck) also dropped in Dec 2022 with 3.0 mn units (-48.7% MoM; -53.0% YoY). Notably, some global car manufacturers announced a slowdown in 2H2022. Therefore, we expect that the PCs ‘sales of both global and domestic markets will stagnate in 2023.
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