SYDNEY: Australian new vehicle sales rebounded in October as demand in the commercial sector remained red hot, auguring well for business spending in the economy.
The Australian Federal Chamber of Automotive Industries’ VFACTS report out on Friday showed 95,763 new vehicles were sold in October, up 2.6 percent on the same month last year. Both months had the same number of selling days. That was a record for an October month and left sales for the year to date running 0.5 percent ahead of the same period in 2016. Demand for commercial vehicles showed no signs of waning with the light sector up a hefty 18.5 percent and heavy vehicles jumping 13.7 percent on October last year. Sales of passenger cars extended their long decline with a fall of 3.8 percent in October, while sports utilities bounced 1.2 percent after a rare decline the previous month. Toyota Motor Corp retained first place on the sales ladder with an expanded share 18.6 percent of the market, while Hyundai Motor had a strong month to grab 9.2 percent. Mazda Motor Corp held third spot with 8.4 percent, followed by the Holden unit of General Motors on 8.1 percent. Ford took 6.0 percent, followed by Mitsubishi at 5.8 percent.
