21 December 2020 09:12 am
Sri Lanka’s vehicle registrations slumped to a new low in November, including most commercial vehicle categories, as the government continues to maintain restrictions on importation of personal vehicles.
The country had 2,868 units of vehicles registered in November this year, a massive slump compared to 24,472 units registered in November last year, and a further decline from 4, 346 registrations in October, according to the data compiled by JB Securities, a Colombo-based equity brokerage and research house.
Commenting on the latest vehicle registration numbers, JB Securities Managing Director Murtaza Jafferjee remarked that almost all vehicle categories are heading to “zero”.
After total vehicle registrations reached pre-pandemic levels of 32,123 units in June driven by pent-up demand, Sri Lanka’s vehicle registrations continued to slump due to import restrictions on personal vehicle imports. According to JB securities, in November, motorcar registrations fell to a mere 119 units compared 148 units in October and 2,030 units a year ago.
However, SUV and crossover registrations in the month recovered to 78 units compared to 70 units in October, though it was significantly down from 638 units registered a year ago.
The three-wheeler registrations plunged to 13 units in October, down from 19 units in September and 995 units a year ago. However, financing share of three-wheelers rose to 46.2 percent in the month compared to 10.5 percent in October.
Similarly, registration of two-wheelers recorded 1,766 units in the month significantly down from 3,128 in October and 18,540 registrations one year ago.
Meanwhile, registrations of most commercial vehicle categories failed to recover in November from the massive slump recorded in October, except for hand-tractors.
Registrations of light trucks, medium trucks and heavy trucks saw a partial recovery in November compared to October registration numbers.