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.

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.

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By GlobalData

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%.