SUVs drive car sales bounce

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From the SMH:

Sales of new vehicles bounced in November, compared to the previous month, as brisk demand for sports utilities outweighed softness elsewhere.

Total vehicle sales in November were 96,924, an increase of 4.5 per cent over October. According to the Australian Federal Chamber of Automotive Industries’ VFACTS report that number equated to a rise of 1.5 per cent when adjusted for seasonal factors. Sales were still down 1.4 per cent on November last year, however.

Helping was Australians’ long love affair with SUVs where sales were up 9.9 per cent on November 2012.

For the first 10 months of 2013, sales were 2.2 per cent ahead of the same period last year, giving an annualised sales rate of 1.132 million vehicles.

For November alone, Toyota retained first place on the sales ladder with a market share of 19 per cent. Holden took second spot with 11.0 percent, while Hyundai kept third spot with 9 per cent.

About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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