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November vehicle registrations slow

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2 January 2018 12:16 am - 0     - {{hitsCtrl.values.hits}}

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  • Most vehicle categories record decline in registrations
  • But pick up in small hybrid cars seen
  • Budget 2018 effects yet to be seen in registration figures 


Vehicle registrations in November 2017 were subdued owing to the regulatory limitations placed on the automotive industry, with 37,412 vehicles registered during the month, according to a market report by JB Securities (Pvt.) Ltd.


Registrations were down from 45,218 vehicles recorded year-on-year (YoY), while the numbers were flat compared to October 2017.


The government’s decision to impose loan-to-value (LTV) ratios on vehicle leases and the tight monetary conditions had led to vehicle imports for the first 10 months of 2017 fall by 8.5 percent, according to the Central Bank, which had a major effect on vehicle registrations.


JB Securities Managing Director Murtaza Jafferjee said that most vehicle categories recorded declines in registrations.


“Registrations in November were lacklustre except for a pickup in small hybrid cars,” he said.


According to the report, 2,439 motor cars were registered in November, falling from 3,574 units YoY, but up from 1,961 units 
in October.


Of this, brand-new car registrations fell by 77 percent YoY to 473 units, while there was also a double-digit slip from October. 

Maruti cars remained the most popular, accounting for over a quarter of the brand-new car registrations with 132 units, which was a fall from 936 Marutis YoY, while showing a minor growth from October.


Pre-owned car registrations were 1,966 in November, recording increases from both a year ago, as well as from October, with small Suzuki Wagon R hybrids accounting for the growth with 930 registrations, up from 377 YoY and 490 in October.


In the premium category, brand-new car registrations increased to 55 from 28 YoY and 39 in October. Mercedes Benz accounted for 27 of the brand-new luxury cars, with 19 of them being E-classes. Just five BMW units were registered, while nine others were Audis.


The pre-owned premium car segment too grew, recording 27 units in November, up from 21 units YoY and 23 units in October, with 10 of the total being Mercedes Benz cars, while the rest being BMWs.


In the SUV and crossover segment, 600 units were registered, up from 477 YoY and 407 in October. Toyota accounted for 201 of the registrations with 80 Prados, 57 Harriers and 47 CHRs. Honda Vezels continued to remain popular with 286 registrations, higher than a year ago and in October.


Electric car registrations slowed to a trickle of five registrations in November from 24 registrations YoY but recording a slight improvement from three registrations in October. Twenty four months ago, the figure was 242 units.


Van registrations remained flat in November with 569 registrations compared to October but were significantly up from 100 registrations YoY. Volumes are being driven by micro vans with 650cc engines that account for 380 of the registrations. 


The LTV ratios, which hit three-wheelers the hardest, showed the results for the government, with registrations falling to 2,265 in November, compared to 6,098 YoY but gaining slowly from 2,155 registrations in October. Two years ago, registrations exceeded 10,000. Bajaj claimed over 90 percent of the market share.


 Meanwhile, two-wheeler registrations fell to 28,272 units in November from 32,082 YoY and 28,786 units in October. Scooters accounted for 54 percent of this total, of which over 60 percent of the scooters were Hondas.


In the overall two-wheeler segment, Honda has a 37.3 percent market share, while Yamaha has a market share of 14.5 percent and Bajaj, which sold no scooters, has a market share of 19.5 percent.


“Bajaj, a company synonymous with scooters, perhaps committed one of the greatest business blunders by getting out of the segment a decade ago – rumours are that they may come back with a new Chetak in 2018,” Jafferjee said.


Electric two-wheelers remained a small market of 37 units, most of which were Chinese models.


Jafferjee noted that the effects of the tax changes announced in the 2018 budget in November are yet to be seen in the registration figures. The budget proposals changed how the excise duties are calculated from based on the value of a vehicle to be based on the cubic capacity of a vehicle. Most vehicles saw an increase in taxes, while a luxury tax was also introduced. Taxes on electric vehicles were cut. Industry figures hailed the proposals as being equitable and transparent. 

 

 


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