Sharechat Logo

NZ new vehicle sales rise to highest level in 32 years in March

Tuesday 5th April 2016

Text too small?

New Zealand new vehicle sales in March rose to the highest level for the month in 32 years, led by record demand for commercial models.

Registrations increased 3 percent to 12,110 in March from a year earlier, marking the strongest March level since 1984, according to the Lower Hutt-based Motor Industry Association. Commercial vehicle registrations rose 6.5 percent to 3,919, the highest ever recorded for a March month while passenger vehicle registrations gained 1.4 percent to 8,191, the strongest level for the month since 1989.

New Zealand vehicle sales have hit annual records for the past two years, and in the first quarter of this year are tracking 3 percent ahead of last year. Vehicle sales are being underpinned by a growing economy bolstered by record migration and tourism as rivalry keeps a lid on prices. 

"Strong net immigration, competitive pricing and end of financial year deals drove strong new vehicles registrations in March 2016,“ said MIA chief executive David Crawford. “The month of March continued the overall strong performance of the new vehicle sector over the last three years."

 Japanese car maker Toyota was the top selling brand in March, with 15 percent market share, followed by Ford with 10 percent, and Mitsubishi on 8 percent.

The three top-selling models for February were all light commercial vehicles, led by the Ford Ranger with a 5 percent market share, followed by the Toyota Hilux with a 5 percent share and the Mitsubishi Triton with a 4 percent share.

(BusinessDesk)

BusinessDesk.co.nz



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

SML - Synlait Milk Limited - Trading Halt of Securities
AIA - Auckland Airport announces board chair changes
AIA - Auckland Airport announces board chair changes
CEN - Tauhara commissioning progress update
FPH initiates voluntary limited recall
March 28th Morning Report
KFL Celebrates 20 Years of Excellence in Investment Mgmt.
SVR - Savor FY24 Earnings Guidance & Change in Banking Partner
NZK - NZ King Salmon Investments Limited FY24 Results
March 27th Morning Report