Vehicle registrations in the country in May were recorded at 60,444 units. Accordingly, this is an increase of 19.7 percent compared to the registration of 50,500 vehicles recorded in April, said HNB Stockbrokers in a report.
The company has prepared this report based on data from the Department of Motor Registration. Accordingly, 43,166 of the registered vehicles are motorcycles, which is an increase of 11.9 percent compared to April. Similarly, the registration of brand new cars and SUVs has also increased by 20.7 percent compared to the previous month.
Here, motor car registrations were recorded at 4,393 in May, of which 1,110 cars or 25.3 percent are brand new vehicles. This is an increase of 164.3 percent compared to April. Accordingly, the share of brand new car registrations so far this year has become 18.4%.
Also, under SUV, 4,912 vehicles were registered in May, of which 1,606 vehicles or 32.7 percent were brand new. This is a decrease of 12.3 percent compared to April. However, the share of brand new SUV registrations so far this year has become 40.8 percent.
In addition, under commercial vehicle imports, 2,002 new vehicles were registered in May, of which 1,055 vehicles or 50.2 percent were brand new vehicles. This is a decrease of 10.9 percent compared to April. However, the share of brand new commercial vehicle registrations so far this year has become 58.9 percent, according to HNB Stockbrokers.
Meanwhile, the company is of the opinion that the decision taken by the Central Bank at the end of May to lower the leasing rate for vehicles by 10 percent, as well as the decision by the Ministry of Finance to impose a temporary surcharge of 50 percent on vehicle imports for a period of three months in addition to the current 30 percent tax, will affect vehicle imports in the future.