Sharechat Logo

NZ new vehicle sales post strongest October month on record; heading for annual high

Friday 3rd November 2017

Text too small?

New Zealand new vehicle sales rose 5.6 percent in October, hitting a new record for the month and keeping sales on track to hit their highest ever level this year.

Some 15,530 new vehicles were registered in October, ahead of the 14,709 registered in the same month last year, according to the Motor Industry Association. That marks the highest ever level for an October month and the second strongest of any month, behind only the 15,985 new vehicles registered in June this year.

Motor vehicle registrations in the first 10 months of this year are 9.8 percent ahead of the same period last year at 133,960. That suggests new vehicle sales will surpass last year's total of 146,939 and hit a fourth straight annual record as the economy is buoyed by low interest rates and record migration.

"The 2017 new vehicle market is expected to easily break through the 150,000 new vehicles mark for the first time," said MIA chief executive David Crawford. 

In October, registrations of new passenger vehicles increased 3 percent to 11,114 while registrations of commercial vehicles jumped 13 percent to 4,416.

Japanese car maker Toyota remained the market leader in October, with a 29 percent market share, followed by Ford on 10 percent and Holden at 9 percent, 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:

Steel & Tube Fy20 Trading Update
Further Contract Win Strengthens Scott Technology’s Position In Mining Sector
China’s Assertiveness Is Becoming a Problem for Its Friends, Too
New Talisman - Chairman’s Address to AGM 2020 August 6, 2020
T&G reports its 2020 Interim Results
Gold price hits $2,000 for first time on Covid
TruScreen strengthens its market presence in central and eastern Europe
Refining NZ announces non-cash impairment
Ryman Healthcare COVID-19 update Victoria
Talisman Quarterly Activities Report to 30 June 2020

IRG See IRG research reports