Car cos find roads to dealers choked: PV sales decline for the first time in 2.5 years in July amid sluggish demand

Passenger vehicle sales have experienced a decline for the first time in two and a half years, with July's sales figures reflecting a broader slowdown in consumer spending. The dip in demand and high dealer inventory are key factors behind this downward trend. Industry estimates indicate that 344,000-345,900 vehicles were sold in the local market last month, showing a 2.5% decrease compared to the 353,000-354,000 units sold in July 2023.