Some 40.8 minicars were owned by every 100 households as of the end of March, 1.1 more cars than the previous year, marking the first time the figure has topped 40, according to a report compiled Monday by an industry association.
The Japan Mini Vehicles Association said the figure has been climbing steadily for the past 24 years. The total number of minicars in use grew some 755,000 units from 1999 to hit a record 19.32 million as of the end of March.
The popularity of the small vehicles surged after new cars meeting revised minivehicle standards were launched into the domestic market in October 1998.
Association officials predicted that sales of minicars, which have better fuel-efficiency, will continue to rise as consumers become increasingly conscious about the environment.
According to Monday's report, the smaller cars were most popular in Tottori Prefecture, with the dissemination rate recording 87.8 cars owned per 100 households. Shimane, Nagano, Saga and Yamagata prefectures followed, the report says.
In contrast, the minicars seemed less prominent in more urban areas, with Tokyo and its 9.3 vehicles per 100 households the lowest rate among the 47 prefectures. It was followed by Kanagawa and Osaka prefectures.
However, for the first time in four years the number of light cars in use rose in all prefectures, according to the association. Autowave OTC debutJiji PressThe Japan Securities Dealers Association on Monday approved the registration of Autowave Co. for trading on the over-the-counter market beginning Sept. 22.
Founded in 1990, the Chiba-based company sells automobile equipment and offers related services.
It was capitalized at 533 million yen with 4.95 million shares outstanding as of Aug. 1. Ahead of its OTC debut, it will publicly offer 600,000 new shares and release 400,000 outstanding shares.
For the business year to March 2000, Autowave posted a pretax profit of 770 million yen, on sales of 22.322 billion yen. Its after-tax profit reached 417 million yen.