NZ new vehicle registrations fall in January as market softens

New Zealand new vehicle registrations fell in January as the market continues to soften, the Motor Industry Association said.

“As 2019 gets underway, the economic environment that existed this time last year and before that has begun to fundamentally change, albeit slowly. However, levels of new vehicle sales, while softer than this time last year, remain at historically high levels," said MIA chief executive David Crawford.

The market has been buoyed by low interest rates, record migration and tourism arrivals. While interest rates are set to remain low, migration is waning and expected to impact demand. 

There were 13,939 new vehicles registered in January, down 6 percent from a year earlier, Crawford said. 

Total registrations of passenger and SUVs for January were down 7.9 percent while commercial vehicles fell 1 percent on the year.

In January, Toyota remained the overall market leader with a 17 percent market share - with 2,312 units. They were followed by Ford, with 11 percent or 1,494 units, and Mitsubishi with 9 percent or 1,248 units. 

In the commercial sector, the Ford Ranger retained the top spot as the bestselling commercial model with 21 percent share or 837 units, followed by the Mitsubishi Triton and the Toyota Hilux, each with about 11 percent.

(BusinessDesk)

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