TOKYO (MNI) – New vehicle sales in Japan fell 4.1% from a year
earlier to 308,663 units in September, posting the first year-on-year
drop in 14 months, as the government ended the subsidy for buying low
emission automobiles early in the month, data released by the Japan
Automobile Dealers Association showed on Friday.
This compares with the 46.7% y/y surge in sales in August, when
consumers rushed to car dealerships before the government finished
receiving applications for the program. It will still continue applying
lower tax rates to buying and owning low-emission vehicles.
Except for the jump in August, the pace of increase in auto sales
has continued to decelerate from +15.0% y/y in July, +20.6% in June,
+28.0% 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 September passenger car sales fell 5.4% from a year earlier to
278,283 units (vs. +49.0% y/y in the previous month).
Truck sales rose 12.0% to 29,578 units, posting the eighth straight
y/y rise after rising 23.0% in August, while sales of buses slumped
27.5% to 802 units, marking the first y/y drop in five months following
+54.0% 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 4.6% in August from a year earlier to 163,291,
posting the ninth straight y/y gain following +21.7% 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
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