Registration of luxury vehicles have reached highest levels for 2013 with 729 registrations in July, an equity brokerage report showed.
According to J.B. Securities analysis, total registrations of luxury cars peaked 135 units in July, the highest since January’s 134 registrations, amounting to a notable recovery in the segment compared with 47 units in July 2012.
Additionally, a further 594 registrations of SUVs were recorded during the month, against a previous 409.
Notably a total of 16 Jaguars were registered during the month, the highest ever figure by the super-luxury brand in a single month.
BMW continued to dominate the luxury segment with 68 brand new registrations during the month against just 6 registrations last year and 31 in June 2013.
Mitsubishi Monteros led the way in the SUV category with 176 registrations against a previous 168 and peak of 571 registrations in May 2012.
Toyota was second in registrations in terms of SUVs with 105 registrations up sharply from 44 registrations previously.
Land Rover’s popularity has also been on the rise in recent months reaching 91 registrations in July, the highest ever recorded for Land Rover with registrations including 66 units of the latest Range Rover Evoque.
Data on July’s registrations followed news that the government had decided to create a new category of slashed duty permits between US$ 30,000 to US$ 35,000 while also reducing concessionary rates for permit holders.
Industry insiders told Mirror Business that the introduction of a new category of permits is expected to introduce new types of luxury vehicles into the country, particularly in the SUV category and despite increased costs of importation consequent to the revision of concessionary rates.
The slashing of concessionary rates does not apply to Sri Lankan politicians who still enjoy duty free imports on vehicles.
Meanwhile overall registrations of Cars reached 2,305 units during the month, against 1,320 previously, boosted by a recovery in the pre-owned car segment.
Pre-owned cars touched 1,495 registrations, as compared with just 618 in 2012 while in the brand new segment, 810 cars were registered, up from 702 registrations last year.
Maruti/Suzuki led the brand new, mass market car segment with 275 registrations against a previous 236 registrations and a high of 1,266 registrations in February 2012.