Sri Lanka Cars Sales dropped down hit by increased duties. Following the record year scored in the 2015 and the increase on import duties introduced the last October, the market is struggling.
Sri Lanka vehicles market in 2015 was the fastest in the World improving the volume by 180% due to huge incentives to leasing and electric vehicles and sales anticipation for incentive scheme termination in the 2016.
The automotive sector in Sri Lanka is living a huge depression, following the 2009-2011 phenomenal boom, sharply killed in March 2012. Indeed, the government aiming to make more cash from vehicles importation duties, suddenly improved tariffs, killing the market and losing cash.