Saudi Arabia’s auto market had a record H1 sales this year, selling 412,921 vehicles during the first six months of 2014, representing a 5.7 per cent increase compared to the same period last year.
Research compiled by motory.com, a Saudi-based automotive portal, showed Toyota topping the sales chart, despite numerous recent recalls, capturing a 35 per cent share of the market with more than 150,000 vehicles sold.
The second best-selling brand was Hyundai, with almost 72,000 units sold during the first half, about 17.5 per cent market share. Third place went to Nissan, which sold almost 33,000 cars, or an eight percent market share.
Saudi Arabia continues to be the largest market for automobile sales in the region, and has shown resilience in the first half, despite the discouraging economic conditions. The sales performance will however slowdown in the second half owing to a couple of political and economic factors.
The recent instabilities in Syria and decreasing oil prices will cast a shadow on sales for the second half of this year and next year; but is expected to rebound by 2016 with the expectation that the political landscape will normalize and oil prices will rebound to its nominal $100/per barrel level, says motory.com.