Hungarys new car registrations rise 15.3% y/y in Oct 2012.

By bne IntelliNews November 6, 2012
New passenger cars registrations in Hungary increased by 15.3% y/y to 4,047 vehicles in October 2012, MTI news agency reported, citing data from market researcher Datahouse. Car registrations increased for the ninth consecutive month, which was partly due to the introduction of lower vehicle registration tax as of January 1, 2012. By contrast, registrations of light commercial vehicles decreased by 9.7% y/y to 843 units in October. In cumulative terms, registrations of new passenger cars increased by 16.2% y/y to 43,369 in January-October 2012. Registrations of light commercial vehicles were up 5.5% on the year to 8,914 in the 10-month period. The number of new bus registrations shark by more than 71%, while the number of new large commercial vehicle registrations edged up by 1.1% y/y to 3,522. According to the Hungarian Association of Vehicle Importers, the domestic new car sales market would expand 10% y/y in 2012. However, it would take 3-4 years for a full recovery with sales volumes of between 100,000 and 120,000 vehicles a year.

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