In most categories on vehicle registrations there was a dramatic rebound to pre COVID19 levels, pent up demand, expectations of a stock out of dealer inventory and fears of infection from COVID19 in public transport hence a preference for private vehicles are all contributing towards the strong demand.
Finance share on most categories were lower than the normal monthly averages indicative that credit was not the driver of volumes, financial institutions may also be holding back credit due to a deterioration in asset quality and the need to build liquidity buffers, according to J. B. Securities June monthly review.
Industry sources estimate that there is around 1 month of inventory remaining so the current momentum is expected to continue into July.
Total vehicle registrations were 32,123 units in June, almost double COVID19 affected May where the figure was 17,313 and even slightly higher than 31,715 units recorded 12 months ago. Total motor car registrations were 2,021 units in June up from 1,916 units in May and 1,580 units 12 months ago. Brand new motor car registrations were 316 units in June up from 161 units in May and 222 units 12 months ago. Financing share was 51.6% in line with the normal monthly level.
Pre-owned motor car registrations were 1,705 units in June marginally down from 1,755 units in May but up from 1,358 units 12 months ago. Premium branded motor cars recorded 90 units in June up from 61 units in May and 66 units 12 months ago.
Electric cars recorded a mere 3 units in June like 3 units in May and down from 7 units 12 months ago. SUVs recorded 800 units in June down from high 902 units in May but up from a mere 289 recorded 12 months ago. Brand new accounted for 289 units, the balance 511 units were pre-owned.
Hybrids recorded 182 units in June marginally lower than 193 units recorded in May and significantly lower than 340 units recorded 12 months ago, 24 months ago the figure was 3,638 units.
Vans recorded 763 units in June significantly higher than the 481 units recorded in May and 480 units recorded 12 months ago. 3 wheelers recorded 1,098 units in June up from 767 units in May and 821 units 12 months ago.
Two wheelers recorded 25,162 units in June, significantly higher than 11,864 units in May and 21,416 units 12 months ago. Brand new recorded 24,772 units, the balance 390 units were pre-owned. Electric bikes were a mere 35 units. The motor bike category recorded 8,248 units and buses recorded 28 units in June marginally up from 22 units in May but down from 40 units 12 months ago.
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