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53374
Wed, 04/01/2009 - 23:01
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Japan`s new auto sales plunge to 38-year low in FY 2008
TOKYO, April 1 Kyodo -
Domestic sales of new motor vehicles dropped 15.6 percent in just-ended fiscal
2008 from a year earlier, plunging to a 38-year low of 2,891,901 units and
marking the sixth consecutive year of decline amid a severe auto slump, an
industry body said Wednesday.
The figure marked its biggest percentage drop since the Japan Automobile
Dealers Association began compiling data in 1968 and was nearly half the peak
figure of around 5.9 million units sold in fiscal 1990.
In March alone, new domestic sales of cars, buses and trucks, excluding
minivehicles with engine displacements of up to 660 cc, plunged 31.5 percent to
323,063 units, the association said.
It was the lowest monthly level in March since 1974 when the first oil shock
brought domestic sales down to 293,598 units.
''We usually see the biggest demand in March, but these results show that the
level of severity in auto sales is increasing,'' Takeshi Fushimi, the
association's director, told reporters.
''We need immediate measures for the recovery of chilled consumer sentiment on
vehicle sales,'' he said, pinning hopes on tax breaks the government will offer
to certain fuel-efficient cars starting from this month.
All of Japan's top three automakers suffered double-digit declines in sales for
March with Toyota Motor Corp. falling 31.9 percent, Nissan Motor Co. sliding
33.5 percent and Honda Motor Co. dropping 24.5 percent.
For the whole of the business year, Toyota, Japan's largest automaker, sold
1,309,692 units, excluding Lexus brand cars, down 14.5 percent from a year
earlier for the fourth consecutive year of decline.
Honda, Japan's second-largest carmaker, sold 391,104 units, down 6.1 percent
for the first decline in two years. Third-largest Nissan sold 471,684 units,
down 18.6 percent for the fourth straight year of decline.
Mitsubishi Motors Corp. was the hardest-hit automaker with a 35.2 drop in sales
to 54,170 units for fiscal 2008.
Meanwhile, domestic sales of minivehicles fell 4.4 percent in fiscal 2008 from
a year earlier to 1,808,883 units, marking a second year of decline, according
to the Japan Mini Vehicles Association.
In March alone, sales dropped 13.8 percent to 223,035 units, declining for the
fifth consecutive month.
While auto sales have been hit by soured consumer sentiment and a stronger yen,
top Japanese automakers have been competing aggressively to spur demand by
introducing upgraded eco-friendly cars that will qualify for government tax
exemptions.
Honda has seen rare booming orders for its mega-hit Insight hybrid hatchback
while Toyota will roll out a new Prius hybrid with improved fuel economy in
mid-May, reportedly with a price tag just above 2 million yen.
In addition to the tax breaks, Fushimi called for further government measures
to lift the languishing market.
==Kyodo
Domestic sales of new motor vehicles dropped 15.6 percent in just-ended fiscal
2008 from a year earlier, plunging to a 38-year low of 2,891,901 units and
marking the sixth consecutive year of decline amid a severe auto slump, an
industry body said Wednesday.
The figure marked its biggest percentage drop since the Japan Automobile
Dealers Association began compiling data in 1968 and was nearly half the peak
figure of around 5.9 million units sold in fiscal 1990.
In March alone, new domestic sales of cars, buses and trucks, excluding
minivehicles with engine displacements of up to 660 cc, plunged 31.5 percent to
323,063 units, the association said.
It was the lowest monthly level in March since 1974 when the first oil shock
brought domestic sales down to 293,598 units.
''We usually see the biggest demand in March, but these results show that the
level of severity in auto sales is increasing,'' Takeshi Fushimi, the
association's director, told reporters.
''We need immediate measures for the recovery of chilled consumer sentiment on
vehicle sales,'' he said, pinning hopes on tax breaks the government will offer
to certain fuel-efficient cars starting from this month.
All of Japan's top three automakers suffered double-digit declines in sales for
March with Toyota Motor Corp. falling 31.9 percent, Nissan Motor Co. sliding
33.5 percent and Honda Motor Co. dropping 24.5 percent.
For the whole of the business year, Toyota, Japan's largest automaker, sold
1,309,692 units, excluding Lexus brand cars, down 14.5 percent from a year
earlier for the fourth consecutive year of decline.
Honda, Japan's second-largest carmaker, sold 391,104 units, down 6.1 percent
for the first decline in two years. Third-largest Nissan sold 471,684 units,
down 18.6 percent for the fourth straight year of decline.
Mitsubishi Motors Corp. was the hardest-hit automaker with a 35.2 drop in sales
to 54,170 units for fiscal 2008.
Meanwhile, domestic sales of minivehicles fell 4.4 percent in fiscal 2008 from
a year earlier to 1,808,883 units, marking a second year of decline, according
to the Japan Mini Vehicles Association.
In March alone, sales dropped 13.8 percent to 223,035 units, declining for the
fifth consecutive month.
While auto sales have been hit by soured consumer sentiment and a stronger yen,
top Japanese automakers have been competing aggressively to spur demand by
introducing upgraded eco-friendly cars that will qualify for government tax
exemptions.
Honda has seen rare booming orders for its mega-hit Insight hybrid hatchback
while Toyota will roll out a new Prius hybrid with improved fuel economy in
mid-May, reportedly with a price tag just above 2 million yen.
In addition to the tax breaks, Fushimi called for further government measures
to lift the languishing market.
==Kyodo
