-->
Sharechat Logo

NZ new vehicle sales drop in June, still post second-best June ever

Tuesday 3rd July 2018

Text too small?

New car sales dropped in June, as demand for commercial and passenger cars slid from the hot pace of the same period a year earlier amid slowing economic growth, a weakening currency and rising fuel prices, though the month still recorded the second-best June ever. 

New motor vehicle registrations sank 8.2 percent to 15,172 last month from the same period a year earlier, taking year-to-date sales to 80,036, or 0.5 percent higher than in the first six months of 2017, Motor Industry Association figures show. Sales of commercial vehicles dropped 6.2 percent to 5,447, while passenger and SUV car sales fell 4.5 percent to 9,725.

New car sales have been tapering off in recent months after several years of breaking records as the kiwi weakened to the lowest level in two years amid signs of an easing in the pace of economic expansion while fuel prices have risen. 

“The MIA has received many inquiries on whether higher fuel prices have resulted in people purchasing smaller vehicles or more electric vehicles,” MIA chief executive David Crawford said in a statement. "Based on the results to end of June there appears to be a slight shift to smaller vehicles with the SUV medium and SUV compact segments coming in first and third.”

The MIA figures show Toyota remains the market leader, commanding 16 percent of sales with 2,458 vehicles in June, followed by Ford at 11 percent, or 1,629 units, and Holden at 8 percent with 1,276 new sales.

Four of the top five selling models for the month of June were light commercial vehicles, according to the MIA. The Ford Ranger retained its position as the bestselling vehicle model with 1,049 units, followed by the Toyota RAV4 with 678 units and the Toyota Hilux with 646 units.

Toyota was the market leader for passenger and SUV registrations with a 16 percent market share in June, while Ford retained the lead in the commercial sector with a 22 percent market share.

(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:

MARKET CLOSE: NZ shares gain; a2 jumps to 12-month high as earnings outperform
NZ dollar drifts lower following early boost from rising dairy prices
Meridian positions for next generation development
Kiwibank lifts first-half net profit 47.6% amid rekindled growth
John Fellet: Came to Sky TV for 18 months, stayed 28 years
Marsden Maritime net profit down on lower cargo through Northport
Countdown supermarkets 1H earnings dip as digital investment continues
Fletcher open to re-entering high rise construction market
Power price spike put margin squeeze on NZ producers in Dec quarter, stats show
Tilt Renewables to raise A$260m of new equity

IRG See IRG research reports