The Motor Industry Association said New Zealand new vehicle registrations remained “soft” in August at 9,808 units, down 33.2% year on year, 28.7% lower than
the monthly average for 2022 and 22.4% lower than the average of the eight months to date of 2023.
Year to date (YTD) 2023 registrations were 6.3% lower.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The MIA said the August result was likely caused by several contributing factors: continuation of market rebalancing from June’s record month, where savvy purchasers effectively pulled forward registrations to maximise Clean Car Discount (CCD) benefits prior to 1 July rate card changes; current tougher economic conditions: higher interest rates, tighter lending and continued high inflationimpacting the cost of living and the willingness or ability to purchase plus hesitation or reluctance to purchase pre-election, particularly with transport policy changes hinging upon the election result.
Market leaders in August 2023 were Toyota with 24.9% market share, Ford 14.7% and Kia 8.2%.
The top selling light passenger vehicles were Toyota RAV 4, Mitsubishi Outlander and Mitsubishi Eclipse Cross.
Top three light commercial vehicles were Ford Ranger, Toyota Hilux and Mitsubishi Triton.
Toyota retained the market lead for passenger and SUV registrations in August with 24.8% market share followed by Kia with 11.5% and Mitsubishi with 9.2%.
