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▼ New Auto Sales Back at 5 mil. Level in FY16
- Category:Event
TOKYO (Jiji Press) — New automobile sales in Japan in fiscal 2016 rebounded to top 5 million units for the first time in two years, industry data showed Monday.
In the fiscal year, which ended on Friday, sales of new vehicles, including mini-vehicles with an engine displacement of up to 660cc, rose 2.8 percent from the previous year to 5,077,904 units, up for the first time in three years, according to data from the Japan Automobile Dealers Association (JADA) and the Japan Light Motor Vehicle and Motorcycle
Association.
Mini-vehicle sales were down 5.1 percent at 1,719,971 units, falling for the third straight year, due to lingering effects from the consumption tax hike from 5 percent to 8 percent in April 2014 and the tax increase on such vehicles the following year. Their share of total new vehicle sales fell to 33.9 percent.
But sales of larger vehicles grew 7.5 percent to 3,357,933 units, up for two years in a row, led mainly by strong demand for remodeled vehicles.
The figure was the second highest in the period in and after 2008, when U.S. investment bank Lehman Brothers collapsed, following 3,430,328 units in fiscal 2013, backed by a surge in demand ahead of the 2014 consumption tax hike.
According to JADA officials, sales in the first half of fiscal 2016 were led by a new model of Toyota Motor Corp.’s Prius hybrid vehicle, launched in December 2015. In the second half, sales were brisk for a new version of Nissan Motor Co.’s Note subcompact car, released in autumn last year, the officials said.
The slump in mini-vehicles reflected a mileage data falsification scandal involving Mitsubishi Motors Corp. models, on top of the tax hike impacts.
The light motor vehicle association expects that mini-vehicle sales will continue dropping in fiscal 2017, by 0.6 percent to slightly above 1.71 million units.
In the fiscal year, which ended on Friday, sales of new vehicles, including mini-vehicles with an engine displacement of up to 660cc, rose 2.8 percent from the previous year to 5,077,904 units, up for the first time in three years, according to data from the Japan Automobile Dealers Association (JADA) and the Japan Light Motor Vehicle and Motorcycle
Association.
Mini-vehicle sales were down 5.1 percent at 1,719,971 units, falling for the third straight year, due to lingering effects from the consumption tax hike from 5 percent to 8 percent in April 2014 and the tax increase on such vehicles the following year. Their share of total new vehicle sales fell to 33.9 percent.
But sales of larger vehicles grew 7.5 percent to 3,357,933 units, up for two years in a row, led mainly by strong demand for remodeled vehicles.
The figure was the second highest in the period in and after 2008, when U.S. investment bank Lehman Brothers collapsed, following 3,430,328 units in fiscal 2013, backed by a surge in demand ahead of the 2014 consumption tax hike.
According to JADA officials, sales in the first half of fiscal 2016 were led by a new model of Toyota Motor Corp.’s Prius hybrid vehicle, launched in December 2015. In the second half, sales were brisk for a new version of Nissan Motor Co.’s Note subcompact car, released in autumn last year, the officials said.
The slump in mini-vehicles reflected a mileage data falsification scandal involving Mitsubishi Motors Corp. models, on top of the tax hike impacts.
The light motor vehicle association expects that mini-vehicle sales will continue dropping in fiscal 2017, by 0.6 percent to slightly above 1.71 million units.
- April 8, 2017
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