Not only blighted with a weak economy, Japan was then hit by a devastating earthquake on March 11th, slamming consumer confidence as well as disrupting supply lines and production levels. According to some Japanese media outlets, the resulting damage to new car sales has knocked them back to figures unseen since records began in 1968.
We have been tracking an improvement in Japan’s new car sales since slump triggered by the Japanese government’s removal of the “EcoCar” incentive scheme last autumn. However, the shock of the earthquake quickly put paid to any gains that may have otherwise been seen in March.
Regular car sales were down 44.2% from the same period 1 year ago, compact car sales dropped 34.9%, and kei (or “light”) cars saw a drop in sales volume of 32.5% in the same year-on-year comparison.
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