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Vehicle sales in ‘26 are off to a modest start, with Jan recording 1,005 units sold, in line with the seasonal trend of softer sales typically observed in Jan over recent years. Although Jan ‘26 is down 11.7% m/m, an uptick is expected in Feb ‘26 as trading activity normalises. Total sales remain up 4.7% y/y, indicating that underlying demand conditions remain stable. Commercial vehicles delivered a solid performance overall, with total sales up 2.1% y/y despite the expected seasonal m/m decline. Growth was particularly strong in the heavy and extra heavy segments, both of which recorded significant y/y increases from a low base. Toyota continued to dominate the segment, although its market share moderated slightly compared to Jan ‘25. Passenger vehicles outperformed commercial vehicles in y/y terms, rising 6.9%. The segment remains highly concentrated, with Toyota maintaining a clear lead and the Toyota Starlet Cross emerging as the top-selling model. Volkswagen retained its position as the second-largest brand, while Kia’s performance continued to deteriorate markedly compared to Jan ‘25.