Japan’s new vehicle market tumbled by almost 25% to 314,784 units in October 2019 from 418,992 units a year earlier, according to registration data released by the Japan Automobile Manufacturers Association (JAMA).
A significant market decline had been largely anticipated for the fourth quarter of the year in the wake of the well signalled hike in the general sales tax rate from 8% to 10% at the beginning of October.
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Economic growth had slowed sharply in recent months, with GDP growth at just 1% year on year from 1.9% in the first quarter reflecting mainly a sharp drop in exports.
Total vehicle sales in the first 10 months of the year were just 0.5% higher at 4,464,469 units from 4,442,599 units in the same period of last year, with truck sales rising by 4.8% to 751,588 units and bus sales up by 3.1% at 11,817 units, while passenger vehicle sales declined by 0.4% to 3,701,064 units.
Toyota sales rose by 4.0% to 1,316,515 units year to date, after declining 5% in all of 2018, while second placed Honda’s sales increased 1.5% to 638,499 units; Suzuki 593,343 (-1.7%); Daihatsu 563,031 units (+3.6%); Nissan 497,227 units (-6.8%); and Mazda 175,348 units (-6.7%).
