Vehicles registration up 24%

KATHMANDU, Nov 6:

Vehicles registration increased by 24 percent in the first three months of fiscal year 2014/15.

According to statistics of the Department of Transport Management (DoTM), altogether 66,282 vehicles were registered across the country in the review period, up from 53,161 units registered in the corresponding period last year.

Automobile dealers have attributed the growth in registration to increased sales compared to last year. "Automobile sale in this festive season was comparatively better as banks and financial institutions (BFIs) lowered their interest rates," Gopi Neupane, general secretary of Nepal Automobile Dealers Association (NADA) -- the apex body of automobile dealers in the country -- told Republica. "BFIs offered auto loans at as low as 8 percent which encouraged people to buy vehicles."

He also said vehicles registration grew this year also because vehicles cleared from customs in June/July last fiscal year were registered on July/August this year. "If vehicles imported in July/July last year are not counted, auto registration will increase by only 13 percent," added Neupane.

Anjan Shrestha, managing director of Laxmi Intercontinental -- the authorized distributor of Hyundai vehicles, attributed growth in vehicles registration to increasing purchasing capacity of people and expansion of road network. “Four-wheelers sales have increased by nearly 10 percent as compared to the previous year as banks are offering easily loan for four-wheelers," added Shrestha.

The DoTM statistics shows registration of vehicles under car/jeep/van segment increased by 14 percent to 3,223 units in the first three months of 2014/15. Similarly, 57,162 units of two-wheelers were registered in the country until mid-October of 2014/15 compared to 45,984 units registered in the corresponding period of 2013/14. Likewise, 579 units of buses and 1,649 units of pick-ups were registered in the first three months of 2014/15.

Source: Republica