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22.Oct .2020 13:30

Iberia Business Group: auto sales drop 50% on the local market

Iberia Business Group: auto sales drop 50% on the local market
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David Gogorishvili, executive director of Iberia Business Group told BM.GE, that auto sales drop 50% on the local market.

He notes, that state procurements are not stopped, respectably the company does not have a decline in this direction. However, Gogorishvili declares, that the purchasing power of the population decreased, due to which the company halved its sales on the local market.

“The company does not have decline in state procurements. As for the retail and commercial segment, they delayed renewal of the vehicle fleet for the future. Our company has 50% drop which is due to the pandemic, as well as the National Bank’s regulations, which has reduced access to the credit.

Moreover, loans up to GEL 200,000 are issued in GEL, while the interest rate is high in GEL and the product has become quite expensive for the consumer. All this has a huge impact on the car retail market,” said Davit Gogorishvili.