Are new car sales in NZ starting to stabilise after months of decline? That’s what the latest numbers from the Motor Industry Association (the body that represents new vehicle distributors in New Zealand) are suggesting. The MIA has said 9430 vehicles were registered last month (July 2024). It says: ‘Although this number is below the Year-To-Date (YTD) monthly average of 10,315, it suggests a stabilising trend within the industry amidst a 21 per cent overall decline compared to 2023 and a 23 per cent drop from 2022.”
The passenger car market (6345 units) is still slow, down 29 per cent YTD, which the MIA says ‘highlights broader economic challenges’.
It’s better news in the commercial vehicle segment where registrations of 2505 were over double those of July 2023. However, numbers were distorted by the ending of the CCD last year. A slightly better reflection is that they are stable (plus 24 units) versus July 2022. The MIA says the ‘average monthly registrations remain stable at 3023 YTD, close to the 3084 monthly units recorded in 2023’. Apparently this indicates ‘sustained demand’. YTD, the light commercial figures are two per cent lower than 2023’s.
Leading the market overall in July was Toyota (18.6 per cent market share, 1758 units) followed by Ford (11.4 per cent, 1071 units), and Mitsubishi (10.9 per cent, 1025 units).
The top selling passenger models were the Toyota RAV4 (394 units), the Kia Seltos (342) and the Mitsubishi ASX (311). The best selling commercials were the Ford Ranger (757 units), the Hilux (589) and the Triton (270).
Battery electric vehicle sales are still in the doldrums with the BYD Atto 3 (59 units), Tesla Model Y (56) and VW ID.4 (43) being the best sellers.
