Thursday, June 8, 2023

Automotive market shows a strong recovery at the end of the first quarter

As supply problems have been resolved, the automotive market Panamanian closed the first quarter of 2023 with 11,663 units sold, a figure that was strongly boosted by the sales registered in the month of March, which totaled some 4,551 new vehiclesrevealed figures of Panama Car Dealers Association (Adap).

The 4,551 vehicles sold is the highest figure recorded in a month since the start of the coronavirus (COVID-19) pandemic, with the exception of October 2022, when the completion of the Panama Motor Show, when some 4,643 units were placed on the market.

The good performance of the market could lead us to conclude that the difficulties generated during the coronavirus pandemic (COVID-19) in terms of inventory that affected almost all brands have already been overcome, however, even though most of the distributors already are receiving their complete orders and on time, there are still difficulties generated both in the supply chain of the industry and in the cost of freight.

“But the figures for the first quarter of 2023 also reveal rapid growth in the sale of Chinese-made vehicles. In fact, two brands of cars manufactured in the Asian giant were in the Top 10 sales in the Panamanian market”.

This is a list headed by the Japanese Toyota with 2,455 units, followed by the South Korean KIA with 2,046 and Hyundai with 1,602. In fourth, fifth and sixth place are the Japanese Suzuki with 781, Mitsubishi with 534 and Nissan with 477. In seventh place is the American Chevrolet with 465, followed in eighth place by the Japanese Honda with 445 and the Chinese brands Geely with 385 and Changan with 333 units sold close the list.

For Mario Andrés Muñoz, journalist and co-founder of Octanos magazine, the growth in sales of cars manufactured in China reflects the change experienced by the automotive industry in that Asian country, since instead of focusing on manufacturing vehicles with the central axis its price, now the center of Chinese production, is quality, the incorporation of new technologies and, of course, more affordable prices than those of its competitors.

He considered that this trend, which is not limited to Panama, will continue to grow in the coming years, when more and more brands manufactured in China They will make their way into international markets thanks to innovative designs and alliances with prestigious international brands.



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