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Sri Lanka Equity Forum » Stock Market Talk » Automobile market collapses by over 40%

Automobile market collapses by over 40%

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1 Automobile market collapses by over 40% on Thu Jan 26, 2017 12:51 pm

PrasannaMani

PrasannaMani
Manager - Equity Analytics
Manager - Equity Analytics
[size=32]Automobile market collapses by over 40%[/size]
2017-01-26 06:55:12
 6
 6663

     


Automobile trade in Sri Lanka is facing extreme difficulties due to the recent regulations introduced by the government, the former chairman of the Ceylon Motor Traders Association (CMTA) Gihan Pilapitiya said yesterday.
“The overall showroom traffic had dropped more than 40 per cent and even most of these customers who walk in, go away without purchasing due to high pricing. In some cases certain vehicle showrooms have no customer visits at all in a day” he said.
“Last week’s leasing regulations announced by the Government for vehicles based on loan-to-value ratio, as proposed in the 2017 budget is another blow to sustainability of the trade.
“If leasing companies are ready to provide facilities and the buyer is agreeable with the settlement, there is no need for the Government intervention, to artificially regulate the trade” .
In addition to this it is also important that the decision makers figure out the cost of maintaining old vehicles and their environmental impact as well before policies are formulated. (Chaturanga Pradeep)

2 Re: Automobile market collapses by over 40% on Thu Jan 26, 2017 2:54 pm

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Statement indicates sizable drop in demand for autos. Practically it should react in other way decreasing auto prices by a certain margin to maintain operating cost. However prices quoted are not affordable to buyers plus rising cost of maintenance.

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