Sri Lanka February vehicle registrations up 26-pct
Mar 29, 2018 07:46 AM GMT+0530 | 1 Comment(s)
ECONOMYNEXT - Sri Lanka's vehicles registrations rose 26.6 percent from a year earlier to 37,354 in
February 2018, with motor cars up 131 percent to 4,949 units and broad-based double digit growth in all categories, data compiled by an equities research house shows.
Total registrations of all vehicles in February was down from 42,783 unit in January, with working days down in the second month of the year, J B Securities, a Colombo-based equities brokerage said in an analysis of Sri Lanka's vehicle registry data.
Van registrations were up 73 percent from a year earlier to 1,000 and marginally down from 1,085 in January.
Three wheeler registrations were up 63 percent to 1,477 from a year earlier and slightly down from 1,544 in January.
The three wheelers became the car of the craftsmen and the public transport, ambulance and goods a haulage vehicle less affluent households especially in rural areas.
The current administration delivered an interventionist blow to people's aspirations by pushing up taxes and restricting credit to three wheelers.
There was also a collapse of the currency in 2015 and 2016 pushing up inflation. The administration took a drubbing in local elections last month.
Out of the 4,849 cars registered 773 were brand new and 4,042 pre-owned. Many so-called pre-owned vehicles are 'registered-de-registered' cars imported from Japan with zero mileage.
In February 2,681 vehicles registered were hybrids. Of that 1,836 were Wagon R models. Among vans Suzuki led with 618 out of a 1,000 units.