Sri Lanka sees increase in market for small hybrid cars
Sri Lanka has reportedly recorded an increase in the purchase of small hybrid cars. A recent report by a brokerage states that registrations of vehicles continued a slow recovery in November, except for an increase in small hybrid cars, with no response yet to tax changes announced in the government budget for 2018.
JB Securities has been quoted as saying in a report on vehicle registrations in November that the numbers were “lacklustre except for a pickup in small hybrid cars.”
The number of motor car registrations grew to 2,439 units in November, up from 1,961 units in October but significantly down from 3,574 units 12 months ago, it said.
“Hybrid registrations in November were 2,049 units, up from 1,405 units in October and 1,605 units 12 months ago,” the report has stated.
Motor cars accounted for 1,707 units, SUVs 322 units followed by vans accounting for only 1 unit.
Of the total, 1,025 cars were with 650cc engines, 909 units were with engines between 1L and 1.5L and only 99 units had engines larger than 1.5L, JB Securities has said.
OSL take:
The increase in demand for small hybrid cars in Sri Lanka has opened up the opportunity for vehicle importers to import more such vehicles to the local market. Also foreign companies manufacturing small hybrid cars could consider the emerging market in Sri Lanka as an opportunity to penetrate the local vehicle market.
| Article Code : | VBS/AT/20180103/Z-2 |