New vehicle sales up 12%

New vehicle sales up 12%

JAKARTA: New vehicle sales in Indonesia rose 12 percent to 50,845 units in October from 45,369 in September, automotive company Astra International said on Thursday citing data from the national car assemblers' association, Gaikindo.

The association didn't provide an explanation for the rise, but analysts attributed this to relatively low interest rates, which spurred consumers to buy vehicles through bank loans.

Market leader Astra International sold 23,392 new vehicles in the local market in October, up 28 percent from 18,324 in September.

Singapore's Jardine Cycle & Carriage Ltd. owns 44 percent of Astra.-- Dow Jones