— Japan Apr New Vehicle Sales -51.0% Y/Y Vs Mar -37.0%
— Japan Apr Mini Vehicle Sales -41.1% Vs Mar -31.6%
TOKYO (MNI) – New vehicle sales in Japan tumbled at a record pace
in April as the March 11 earthquake disaster wrecked supply chains for
automobile production and dampened consumer sentiment, according to
data released by the Japan Automobile Dealers Association on Monday.
New vehicle sales plunged 51.0% from a year earlier to 108,824 last
month, the eighth straight month of a year-on-year decline, following a
37.0% drop in March.
The previous record decline was marked in May 1974, when sales
plunged 45.1% following the outbreak of the first oil crisis.
The association began compiling automobile sales data in
comparative form in January 1969.
Japan’s auto industry is also reeling from the end to government
subsidies for purchases of low emission automobiles in September last
year.
New vehicle sales fell 14.3% y/y in February, 21.5% in January,
28.3% in December, 30.7% in November, 26.7% in October and 4.1% in
September 2010.
In August 2010, new vehicle sales surged 46.7% y/y as consumers
rushed to buy ahead of the government-set deadline for receiving
applications for the program. However, it will continue to apply lower
tax rates for purchasing and owning low-emission vehicles.
Separately, the Japan Mini Vehicle Association reported that
domestic sales of new small vehicles (with engine displacement of less
than 660 cc) fell by 41.1% to 76,849 in April following a 31.6% drop in
March, posting the seventh straight y/y drop.
tokyo@marketnews.com
** Market News International Tokyo Newsroom: 81-3-5403-4835 **
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