Sharechat Logo

NZ new vehicle sales hit a high for August, on track for record year

Tuesday 4th September 2018

Text too small?

New Zealand new vehicle sales reached a record in August, keeping volumes on track to hit their highest ever level this year.

New vehicle registrations increased 1 percent to 13,200 in August from the same month a year earlier, nudging ahead of the previous record August in 1984 by 43 units, the Motor Industry Association said. Registrations of passenger vehicles and SUVs edged up 0.4 percent to 4,561, while commercial vehicle registrations rose 2.4 percent to 4,561.

Motor vehicle registrations in the first eight months of this year are 1.7 percent ahead of the same period last year at 105,681. That suggests new vehicle sales will surpass last year's total of 160,124 and hit a fifth straight annual record as the economy is buoyed by low interest rates and high migration and tourism arrivals.

Japanese car maker Toyota remained the market leader in August, with a 17 percent market share, followed by Ford on 11 percent and Mazda at 8 percent, the MIA said.

The top-selling model for the month of August was the Ford Ranger with 785 units, followed by the Toyota Hilux with 693 units and the Toyota Corolla with 597 units, 381 of which were rentals.

MIA chief executive David Crawford said higher petrol prices meant smaller vehicles were more in demand.

The SUV Medium segment remained the top segment for the month of August with a 16 percent market share, followed by the Pick Up/Chassis Cab 4x4 with 14 percent of the market, the SUV Compact with 14 percent and small vehicles with 11 percent market, he 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:

MARKET CLOSE: NZ shares gain; a2 hits new record, F&P climbs on patent deal
NZ dollar eases against Aussie on strong jobs data
KiwiSaver funds face unrealised capital gains tax on NZ and Aussie shares
Planning changes need to speed renewables development - Meridian
A guide to the Tax Working Group's 'other' recommendations
MYOB adds 57% more subscribers in 2018 but total online customers still lag Xero's
Investors fear chilling effect as former IRD boss opposes capital gains proposals
Stuff 1H earnings slide but Nine still optimistic of finding buyer
NZ Post achieves first-half revenue growth for the first time since 2015
TeamTalk affirms annual earnings guidance as rising costs dent first-half profit

IRG See IRG research reports