Sri Lankan Car Importers Seek Relief in Wake of Cyclone Ditwah

Sri Lankan car importers are appealing to the government to waive a 3% penalty for late vehicle registration, following financial hardships due to Cyclone Ditwah. Buyers are seeking refunds amidst decreased consumer buying power. Import statistics indicate a drop in vehicle registrations even before the cyclone.

Sri Lankan car importers have called on the government to waive the 3% penalty imposed on vehicles that are not registered within three months of arrival, citing financial struggles resulting from Cyclone Ditwah. The cyclone has significantly impacted the market, leading to a decline in consumer buying power and requests for refunds from car buyers.

Prasad Manage, President of the Automobile Importers Association, highlighted the challenges faced by the industry and urged for an extension of the registration period to six months. Despite the recent natural disaster, import statistics had already shown a decline in vehicle registrations before Cyclone Ditwah hit on November 28.

Data from JB Securities revealed a drop in both brand-new and secondhand vehicle registrations in November. The decline includes cars, three-wheelers, and two-wheelers, with brands like Bajaj maintaining a dominant position in the market. The landscape of vehicle imports has seen changes since the ban on Indian-origin cars was lifted in February.

(With inputs from agencies.)