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Sri Lanka August vehicle sales plunge, luxury end steadier
Sept 15, 2012 (LBO) - Sri Lanka's vehicle registrations had fallen 39.5 percent to 27,185 in August 2012, from a year earlier, though there was marginal pick up from a low of around 24,000 hit in June, an analysis by an equities research house has showed.
Preliminary data from Sri Lanka's motor registration office analyzed by J B Stockbrokers show, that new registrations of brand new cars fell to 699 in August 2012 from 2,431 a year earlier.
Reconditioned cars fell from 1,866 to 510.
Car imports fell steeply after taxes were suddenly jacked up by the state along with interest rates while the currency also fell, amid a balance of payments crisis triggered mostly by credit taken by state energy enterprises to manipulate tariffs.
The data shows that the smallest cars bought by the least affluent citizens fell most.
Small Maruti/Suzuki models fell 90 percent to just 126 in August 2012 from 1,277 units a year earlier. Perodua, a Malaysian small car brand fell to 202 units from 313.
Luxury Mercedes, BMW and Audi units fell just 11 percent to 65 units in August from 73 a year earlier. BMW vehicle registrations increased to 47 in August 2012 from 25 a month earlier.
Industry analysts say imports of such cars are helped by tax slashed permits given to state workers.
Sports utility vehicles which saw an unusual surge in August 2011 to 1,501 fell to 996 in August. In June SUV registrations rose to 1,107 from 1,078 a year earlier and in July SUV sales were 865 against 962 a year earlier.
Motor cycles sales fell 38.8 percent to 12,704 in August from a year earlier. There was a slight pick-up from the 11,000 unit levels seen in June and July.
Three wheeler taxi registrations fell 38.6 percent to 7,718 in August. Three wheeler registrations which fell to 3,577 in May improved to 4,134 in June and 8,017 in July.
Souce - LBO
Sept 15, 2012 (LBO) - Sri Lanka's vehicle registrations had fallen 39.5 percent to 27,185 in August 2012, from a year earlier, though there was marginal pick up from a low of around 24,000 hit in June, an analysis by an equities research house has showed.
Preliminary data from Sri Lanka's motor registration office analyzed by J B Stockbrokers show, that new registrations of brand new cars fell to 699 in August 2012 from 2,431 a year earlier.
Reconditioned cars fell from 1,866 to 510.
Car imports fell steeply after taxes were suddenly jacked up by the state along with interest rates while the currency also fell, amid a balance of payments crisis triggered mostly by credit taken by state energy enterprises to manipulate tariffs.
The data shows that the smallest cars bought by the least affluent citizens fell most.
Small Maruti/Suzuki models fell 90 percent to just 126 in August 2012 from 1,277 units a year earlier. Perodua, a Malaysian small car brand fell to 202 units from 313.
Luxury Mercedes, BMW and Audi units fell just 11 percent to 65 units in August from 73 a year earlier. BMW vehicle registrations increased to 47 in August 2012 from 25 a month earlier.
Industry analysts say imports of such cars are helped by tax slashed permits given to state workers.
Sports utility vehicles which saw an unusual surge in August 2011 to 1,501 fell to 996 in August. In June SUV registrations rose to 1,107 from 1,078 a year earlier and in July SUV sales were 865 against 962 a year earlier.
Motor cycles sales fell 38.8 percent to 12,704 in August from a year earlier. There was a slight pick-up from the 11,000 unit levels seen in June and July.
Three wheeler taxi registrations fell 38.6 percent to 7,718 in August. Three wheeler registrations which fell to 3,577 in May improved to 4,134 in June and 8,017 in July.
Souce - LBO
