23,646 new vehicles were delivered in January-February 2009, 40% fewer than in the corresponding months of 2008, according to the Israel Motor Vehicles Importers Association, on the basis of licensing figures. Deliveries of new cars were also down 40% to 19,342 in January-February. 12,327 cars were delivered in February, 35% fewer than in February last year.
Deliveries of off-road vehicles fell 25%, the first drop in three years
The slump in new vehicle deliveries was due to the halt in orders by leasing companies, and the hesitation by owners of car fleets to renew leasing contracts following a sharp rise in prices. Demand by individuals has also ground to a halt.
Nonetheless, some rental companies placed large orders for new cars in February, most towards the end of the month, because of the drop in inventory of rental cars and the need to meet interim demand. Industry sources believe part of this spike in orders was due to long-term credit offered by car importers.
Mazda was the leading brand, with 4,007 deliveries in January-February, 47% fewer than in the corresponding months of last year. Hyundai was in second place, with 3,229 deliveries, down 12.3%. Ford was in third place, with 2,232 deliveries, down 2%. Chevrolet was in fourth place, with 1,585 deliveries, down 48%. Toyota was in fifth place, with 1,577 deliveries, down 63%. Nissan was in sixth place.
Deliveries in January-February by importer were as follows: Ford and Mazda importer Delek Motors Ltd., with 6,239 deliveries, 37% fewer than in the corresponding months of last year. Mercedes Benz, Mitsubishi, and Hyundai importer Colmobil Ltd. was second place, with 4,252 deliveries, down 20%.
Published by Globes [online], Israel business news - www.globes-online.com - on March 3, 2009
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