ECONOMYNEXT – Sri Lanka’s Access Motors, formerly SML Frontier Automotives, expects to boost revenues in 2020, with a strong recovery in Land Rover and Jaguar sales helped by a new plug-in hybrid range.
The firm launched the latest Range Rover Evoque with a 2.0 litre engine, which is priced at 25 million rupees in Sri Lanka, Thursday.
A 1.5 litre Evoque will be available from around March 2020 onwards, priced around 15 million rupees, helped by a lower tax rate.
The all new hybrid Land Rover Defender, Discovery Sport, and Jaguar XE will also go into production early in 2020.
The cars will be available in Sri Lanka from March 2020 onwards, with the firm expecting strong demand.
“We expect to sell 300 to 400 cars,” Chief Executive Ravi Perera said.
Revenues could reach 10 billion rupees in the next financial year, depending on economic conditions, he said.
Access Motors is a unit of publicly traded Sathosa Motors Limited, controlled by Sri Lanka’s Access group which has interests in construction, property, energy and healthcare.
“We are pleased to reveal the new identity for the company as Access Motors to leverage on the equity of the Access brand in Sri Lanka,” Chairman Sumal Perera said.
The firms said it is spending 5 million US dollar to build a service and repair facility.
Sri Lanka’s auto dealerships have been hit trade restrictions slapped by the central bank which triggered a collapse of the currency by operating a soft-pegged exchange regime with dual anchors.
Sathosa Motors group revenues fell to 1.32 billion rupees in the June 2019 quarter from 2.05 billion rupees a year earlier.
In the year to March 2019, group revenues were 11.1 billion rupees. (Colombo/Oct03/2019)