JAKARTA - PT Bank Mandiri Tbk. said that the continued uncertainty due to the increase in COVID-19 cases in the country could bring negative sentiment to the demand for motorized vehicles, especially for four-wheeled types.
In addition, mobility restrictions due to the Implementation of Emergency Community Activity Restrictions (PPKM) are considered to be able to reduce public interest in consuming vehicles.
"Car sales performance could be depressed, and car sales growth could be lower than our previous projection," said Bank Mandiri Chief Economist Andry Asmoro in a press statement released on Thursday, July 15.
According to Andry, the increase in daily cases and Emergency PPKM is very likely to hamper the pace of economic recovery and reduce consumer confidence.
"As a result, people delay spending because they prioritize saving their money in case they are faced with uncertainty," he said.
For information, the BUKU IV category bank estimates that car sales projections throughout 2021 will grow by 39.5 percent year-on-year (yoy) with total sales of 742,150 units.
Although it is believed that the year will be under pressure, based on Gaikindo data, wholesale car sales (sales from factories to dealers) in June 2021 grew by 32.7 percent month-on-month (mom) with sales of 72,720 units.
In more detail, passenger car sales grew by 27.6 percent mom with sales of 54,306 units, and commercial car sales grew by 50.5 percent mom with sales of 18,414 units.
Meanwhile, car sales in June 2021 grew 476.1 percent yoy. In detail, passenger car sales grew 628.7 percent yoy in June 2021. Meanwhile, commercial car sales grew 256.1 percent yoy as of June 2021.
"The high growth in car sales in June 2021 occurred due to the low based effect due to the implementation of the PSBB (Large-Scale Social Restrictions) policy from March to the end of May 2020. Sales in June 2020 were 12,623 units, an increase compared to the lowest figures in April and May 2020. , which are 7,868 and 3,551 units, respectively," he explained.
Cumulatively, total car sales from January to June 2021 were recorded at 393,469 units, or grew 50.8 percent yoy.
"Technically, with the stipulation of Emergency PPKM, dealers may still be able to sell cars online, and delivery of new car units from factories to dealers and from dealers to consumers can still proceed normally with strict procedures," concluded Andry.
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