New Zealand New Car Sales Continue to Decline for Fifth Consecutive Month
Will the decline in new car sales in New Zealand ever come to an end?
The trend of declining new car sales in New Zealand shows no signs of stopping, with just 10,186 vehicles sold in May. Economic conditions are expected to remain subdued, resulting in another soft month ahead for the industry. The Motor Industry Association of New Zealand reports that passenger and SUV segments are being hit the hardest, while heavy commercial vehicle sales saw modest gains. Overall, May’s figures represent a significant decline compared to last year.
The decline in new car sales in New Zealand continues to be a cause for concern. The Motor Industry Association (MIA) reports that this ongoing decline is hitting passenger and SUV segments the hardest, with a decline of 33.4 percent in sales. On the other hand, heavy commercial vehicle sales saw modest gains, while light commercial vehicle sales remained steady.
May’s figures show a 23.7 percent decline compared to the same month last year, and a 23.6 percent fall compared to May 2022. Year-to-date numbers also paint a worrying picture, with a recession of 13.3 percent compared to 2023 and 23.8 percent compared to 2022.
Among the top-selling brands in May were Toyota, Ford, and Mitsubishi, with Toyota leading the market with a 23.3 percent share. In terms of passenger vehicle sales, Medium SUV, Compact SUV, and Large SUV models were the most favored, with the Toyota RAV4 taking the top spot. The Mitsubishi ASX and Suzuki Swift also performed well.
When it comes to light commercial models, the Ford Ranger, Toyota HiLux, and Mitsubishi Triton were the top choices. In terms of motive power type, petrol and diesel-powered vehicles remained the most popular, followed by mild hybrid vehicles, battery electric vehicles, and plug-in hybrid electric vehicles.
The decline in new car sales in New Zealand is expected to continue given the forecasted contraction of the country’s GDP. As economic conditions remain subdued, it is likely that the industry will continue to face challenges in the near future.
- New car sales in New Zealand have declined for a fifth consecutive month
- Economic conditions are expected to remain subdued
- Passenger and SUV segments are hit the hardest
- Heavy commercial vehicle sales saw modest gains
- May’s figures represent a significant decline compared to last year
The decline in new car sales in New Zealand is a trend that shows no signs of stopping. With economic conditions expected to remain subdued and ongoing challenges in the market, it is clear that the industry will continue to face difficulties. It remains to be seen how the market will recover in the coming months.