New car sales down 7.3%

New cars Photo: Tamar Matsafi
New cars Photo: Tamar Matsafi

65,303 new vehicles were delivered in January-February.

New car sales in Israel totaled 65,303 in January-February, down 7.3%, compared with the corresponding period last year, according license figures. 26,284 new vehicles were delivered in February, 4% more than in February 2017.

Auto sector sources attributed the fall in deliveries to several causes, including market saturation, slower purchases by institutions due to the Bank of Israel's tougher credit policy, and excess supply n the used car market, which makes it difficult to trade in old cars when buying new ones. The sources added that a general economic slow-down was beginning to bite.

Hyundai led vehicle deliveries in January-February with 9,938, 11% fewer than in the corresponding period last year. Kia Motors was in second place with 8,204 deliveries, down 6%, followed by Toyota with 6,785 (down 7.4%), Skoda with 4,696 (down 17%), and Mazda with 4,161 (down 23%).

Published by Globes [online], Israel Business News - www.globes-online.com - on March 5, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

New cars Photo: Tamar Matsafi
New cars Photo: Tamar Matsafi
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