Vehicle Sales in Kenya Hit Record Low in 2023 amid Economic Challenges
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Vehicle sales in Kenya have hit a record low in 2023, dropping to 8,715 units in the first 9 months. This is the lowest since the COVID-19 pandemic began.
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The 11.68% decrease in sales is attributed to economic challenges like a weak shilling, high inflation, and rising credit costs.
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Sales in Jan-Sept 2023 are the lowest since 2017, when 8,427 units were sold during the same period.
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The pandemic severely impacted sales, with a 25% year-on-year decline in 2020.
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Most major dealers saw declines, except for CFAO Motors Kenya which grew sales by 6.07% and increased market share to 27.26%.