New vehicle sales in Australia up 5.3 percent in October image

Sales of new vehicles in Australia rose 5.3 percent annually to 85, 196 units in October, according to Federal Chamber of Automotive Industries (FCAI). However, car sales for year-to-date are down by 2.8 percent.

“Manufacturers are reporting a steady increase in demand, placing the industry in a strong position to reach our target of one million sales for the calendar year,” Mr Chalmers said.

“So far this year 837,324 new vehicles have been sold. While this is 2.8 per cent fewer than for the same period in 2010, last month’s figures are the best October sales result since 2007 and suggest a return to pre-GFC sales volumes.”

Vehicle sales had risen sharply in both August and July as the supply of vehicles from Japan recovered from natural disasters earlier in the year.

Passenger car sales advanced 5 percent year-on-year during the month, while sales of SUVs moved up 5.4 percent.

Sales of locally manufactured vehicles also rose in October, with 13,450 deliveries up 20.1 per cent compared to the same month last year.