Sharechat Logo

NZ new vehicle sales post second-strongest July ever, on track for record year

Friday 3rd August 2018

Text too small?

New Zealand new vehicle sales continued to accelerate in July, posting the second-strongest level of sales for the month.

New vehicle registrations increased 6 percent to 12,324 in July from the same month a year earlier, marking the second strongest level for July since 1984 when 13,983 vehicles were registered, the Motor Industry Association said. Registrations of passenger vehicles and SUVs lifted 5.7 percent to 8,041, while commercial vehicle registrations rose 6.4 percent to 4,283.

The country remains on track to post a fifth annual record for new vehicle sales with registrations so far this year tracking 1.8 percent ahead of the same period last year. The vehicle market has been underpinned by low interest rates and record levels of migration and tourism although uncertainty has crept in over recent months as the local currency weakens amid signs of an easing in the pace of economic expansion.

“Despite there being several worrying signs the NZ economy is not as strong as it has been combined with a significant drop in overall business confidence, new vehicle sales have for the time being held steady,” MIA chief executive David Crawford said in a statement. 

Japanese car maker Toyota remained the market leader in July, with a 17 percent market share, followed by Ford on 10 percent and Mazda at 8 percent, the MIA said. Toyota was the market leader for passenger and SUV registrations with a 15 percent market share, and for the commercial sector with a 20 percent market share.

The top-selling models for the month of July were all light commercial vehicles. The Ford Ranger retained its position as the bestselling vehicle model with 674 units, followed by the Toyota Hilux with 658 units and the Holden Colorado with 408 units, the MIA said.

(BusinessDesk)

  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:

RBNZ governor denies central bank exerted influence over CBLI creditors
December 12th Morning Report
Britain's Apax wins over Trade Me, matching rival $2.56B offer
NZ dollar holds near 15-month high vs pound as Brexit woes threaten May's leadership
MARKET CLOSE: NZ shares gain as defensive stocks find favour; Contact, Meridian rise
NZ dollar firm against greenback as risk appetite ticks up
Cleantech start-up Mint Innovation raises $5.2M to prepare for commercial deployment
BurgerFuel starts full strategic review of business
NorthWest hires lobbyist to solicit Vital Healthcare votes
Greater transparency sought in gas sector

IRG See IRG research reports