TOKYO (MNI) – New vehicle sales in Japan jumped 46.7% from a year
earlier to 290,789 units in August, posting the 13th straight month of
year-on-year rises, backed by tax breaks for buying low emission
automobiles, data released by the Japan Automobile Dealers Association
showed on Wednesday.
Consumers rushed to car dealerships before the government finishes
providing subsidies for buying energy-efficient vehicles by the end of
September. It will continue applying lower tax rates to buying and
owning low-emission cars and trucks.
Until recently, the pace of increase continued to decelerate to
+15.0% in July from +20.6% in June, +28.0% y/y in May and +33.5% in
April. In August 2009, domestic new vehicle sales rose 2.3%, posting
their first y/y rise in 13 months.
In August passenger car sales surged 49.0% from a year earlier to
267,777 units (vs. +15.5% y/y in the previous month) as August 2009
sales were weak.
Truck sales rose 23.0% to 21,740 units, posting the seventh
straight y/y rise after rising 9.0% in July, while sales of buses jumped
54.0% to 1,272 units, marking the fourth y/y rise in a row vs. +20.9% in
the previous month.
Separately, the Japan Mini Vehicle Association reported that
domestic sales of new mini vehicles (with engine displacement of less
than 660 cc) rose by 21.7% in August from a year earlier to 134,197 (the
highest for the month of August), posting the eighth straight y/y gain
following +8.6% in the previous month.
In January 2010, mini vehicle sales showed the first y/y rise in 15
months, up 0.7%.
tokyo@marketnews.com
** Market News International Tokyo Newsroom: 81-3-5403-4833 **
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