Dear friends,

Today, the first quarter sales were announced by the Association of Automotive Distributors ( ODD ). 
Car sales slumped by 44% compared to the same period of last year. 
It seems that the impact of ongoing VAT and SCT reduction remain very limited.
Since the local elections are behind us, we all need to focus on measures, so called economic reforms, paving way to macroeconomic stability . This is the urgent expectation of all parties concerned. We should not waste any more time from today onwards.
As experienced for years. automotive sales are very dependent on macroeconomic stability.
Customers do not want to buy automotive products on a loan basis unless macroeconomic stability exists. The average annual income per capita is far below the car price. thereby, stability and confidence in local market need to be seen. The volatility in the foreign currency needs to be reduced and credit interest rates should be be around 1% per month. Hopefully authorities would focus on these issues quickly. Otherwise, tax cuts only help relieving pain and apparently It’s not enough to make things right in automotive industry. 

See you soon ,◢