Sharechat Logo

NZ new vehicle sales hit record in February on demand for commercial models

Thursday 3rd March 2016

Text too small?

New Zealand new vehicle sales rose to a record for a second consecutive month in February, driven by demand for commercial models.

Registrations increased 4.4 percent to 10,313 in February, compared with the year-earlier month, eclipsing February 1984 as the highest level ever recorded for the month, according to the Lower Hutt-based Motor Industry Association. Commercial vehicle registrations rose 11 percent to 3,121, the highest for a February month, while passenger vehicle registrations gained 1.9 percent to 7,192.

New Zealand vehicle sales have hit annual records for the past two years, in the face of record migration and tourism. The first two months of this year have hit new records even though the MIA had predicted sales would slow this year in line with weaker growth in the domestic economy.

"The anticipated slowdown in new vehicle registrations has yet to materialise as businesses and consumers continued to purchase new vehicles at unprecedented rates in February," said MIA chief executive David Crawford. "Strong net immigration, a healthy tourism sector and a competitive market are helping to drive new vehicle sales which is already year to date 3 percent (662 units) ahead of this time last year."

Japanese car maker Toyota was the top selling brand in February, with 15 percent market share, followed by Ford with 12 percent, and Holden on 9 percent.

The three top-selling models for February were all light commercial vehicles, led by the Ford Ranger with a 6 percent market share, followed by the Toyota Hilux with a 4 percent share and the Mitsubishi Triton with a 3 percent share.

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:

NZ dollar falls with Aussie after Westpac's RBA rate cut call
Intuit juggernaut grows QuickBooks subscribers but momentum slows
Reaction to Budget rules relaxation shows balance 'about right', says Ardern
Augusta lifts net profit six fold as investors flock into new funds
Annual exports to China top $15 billion for first time
Gentrack posts $8.7M loss on CA Plus write-down
Westpac says RBNZ capital proposals would add $6,000 p.a. to an Auckland mortgage
Cavalier says market conditions still challenging
Ryman hikes dividend as annual earnings grow on wider development margin
24th May 2019 Morning Report

IRG See IRG research reports