Environmentally Friendly Vehicles Drive Japanese New-Car Sales

Strategic Insights -

TOKYO, Nov 9 (Asia Pulse) - Environmentally friendly vehicles and compact cars dominated the upper rankings for Japanese new-car sales in October, driven by tax breaks and subsidies. Toyota Motor Corp.'s (TSE:7203) Prius hybrid took the top spot, with sales surging 420% year on year to 26,918 units. Honda Motor Co.'s (TSE:7267) Fit came in second, with a 26.7% increase to 15,444 units, narrowly edging out Suzuki Motor Corp.'s (TSE:7269) WagonR minivehicle, whose sales slipped 1.2% to 15,067 units. Toyota's Passo subcompact ranked sixth, with its sales jumping 70.8% to 10,575 units. Total new-car sales, including minivehicles, rose 4.4% to mark a second consecutive month of increases.

Key Takeaways:

  • Toyota Motor Corp.'s (TSE:7203) Prius hybrid topped the rankings with sales soaring 420% year on year to 26,918 units.
  • Honda Motor Co.'s (TSE:7267) Fit came in second with a 26.7% increase to 15,444 units.
  • Suzuki Motor Corp.'s (TSE:7269) WagonR minivehicle ranked third, with sales slipping 1.2% to 15,067 units.
  • Toyota's Passo subcompact ranked sixth, with sales jumping 70.8% to 10,575 units.
  • Total new-car sales, including minivehicles, rose 4.4% to mark a second consecutive month of increases.
  • 19 models posted sales of more than 5,000 units in October, compared to 15 a year earlier.
  • Tax breaks and subsidies have been key drivers of sales for environmentally friendly vehicles and compact cars.
  • Minivehicles, which are less expensive, have seen sales decline due to tax breaks and subsidies favoring greener options.

Statistics:

  • 420%: year-on-year sales increase for Toyota Motor Corp.'s (TSE:7203) Prius hybrid in October.
  • 26,918: number of Prius hybrid units sold in October.
  • 4.4%: increase in total new-car sales, including minivehicles, in October.
  • 15,444: number of Honda Motor Co.'s (TSE:7267) Fit units sold in October.
  • 10,575: number of Toyota's Passo subcompact units sold in October.
  • 19: number of models that posted sales of more than 5,000 units in October.
  • 15: number of models that posted sales of more than 5,000 units in October a year earlier.

Sources:

  • Japan Automobile Dealers Association
  • Japan Mini Vehicles Association
  • Nikkei