Motor industry registers drop as cash strapped businesses, households stay away

Boda boda operators wait for giveaways and fuel happy hour session during the launch of Galana energy service station at Kithini market in Machakos County on December 3, 2024. [John Muia, Standard]

The motor vehicle industry registered a major decline last year as many households and businesses froze acquisitions owing to a mix of factors.

These included tough economic conditions, refusal by banks to lend to Kenyans and high taxes that affected both spending power for many and drove up vehicle costs.