Japan’s October auto sales increase, but annual sales still decline

• Source: Global Times
• [15:15 November 02 2009]
• Comments

Japanese auto sales rose 13 percent to 263,506 units in October from a year earlier, but the industry's sales will decrease in the year ending March 31 next year, according to the Japan Automobile Manufacturers Association Monday.

Toyota sold 133,877 vehicles, up 14 percent; while sales of Honda grew 30 percent last month, as the company tripled its full-year profit estimate last week and raised the forecast for vehicle sales in Japan to 665,000 from 635,000. Nissan sold 15 percent more vehicles than last year.

Due to the Japanese government's rebates and tax cuts for fuel-efficient vehicles, consumers can apply for a 250,000 yen ($2,780) subsidy if they scrap a car more than 13-years-old to buy a new one, and 100,000 yen to purchase a new car without abandoning an old one.

Japanese auto industry-wide sales will drop 8.5 percent to 4.3 million vehicles in the year ending March 31, predicts the Japan Automobile Manufacturers Association.

Agencies and Shi Jierui contributed to this story