NZ Sales: Passenger car demand weakens

FEBRUARY was a slow sales month for New Zealand, new-vehicle registration figures released today by New Zealand’s Motor Industry Association pointing to a slump with 9663 units registered for the month and the lowest light passenger result for February since 2013. 

 

For new vehicle registrations overall, February 2024 was 1.28 per cent (122 units) higher than the same month last year but the February 2023 registrations were unusually low due the significant impact of Cyclone Gabrielle on sales this time last year, resulting in February 2023 recording 23.7 per cent fewer sales than the same period in 2022.  

 

If viewed in relation to a more typical sales month, this February 2024 result is 22.7 per cent down on February 2022, and the lowest February result since 2015. It is also 15.6 per cent lower than the average of the prior eight years of February registration results. 

 

Meanwhile, on a year-to-date basis, 2024 new vehicle registration figures are tracking a modest 1.32 per cent higher than 2023 (by 290 units), but 14.1 per cent lower than 2022 (3668 units) and 18.2 per cent lower than 2021 (4069 units).  

 

February registrations of light passenger vehicles were 5951 units, the lowest February for this segment of the New Zealand market in 11 years. Meanwhile, light commercial registrations were at 3052 units and 660 heavy commercials were sold. 

 

The total market according to motive power for the month of February was split into 430 battery electric vehicles (4.4 per cent share), 164 plug-in hybrids (1.7 per cent share) and 1838 hybrids (19.0 per cent share). Meanwhile, internal combustion engine vehicles were in a clear majority with and 7202 units, representing a 74.5 per cent share of the vehicle market. 

 

New Zealand’s top three overall market leaders for February 2024 were Toyota, with 21.0 per cent market share (2,027 units), then Ford with 15.2 per cent (1469 units) and Mitsubishi with 10.5 per cent share (1017 units).  

 

The top three segments overall in February were medium SUVs (23.3 per cent), then utes (19.9 per cent) and compact SUVs (16.4 per cent).  

 

The February light passenger registrations (including SUVs), at 5951 units, is the lowest recorded for the month since 2013. 

 

It was 4.9 per cent (308 units) lower than February 2023 and 22.2 per cent (1694 units) lower than February 2022. On a year-to-date basis, light passenger registrations are down 9.4 per cent (1462 units) compared to the same period in 2023 and 15.1 per cent (2499 units) lower than the same period in 2022. 

 

Light passenger brand leaders were Toyota with 1129 units (19.0 per cent segment share), followed by Mitsubishi with 580 units (9.7 per cent) and Suzuki with 476 units (8.0 per cent). 

 

The top-selling models in the light passenger segment were Toyota RAV4 (467 units and 7.8 per cent segment share), Suzuki Swift (227 units and 3.8 per cent segment share), and Ford Everest (220 units and 3.7 per cent segment share). 

 

Light passenger vehicle buyers in February preferred the medium SUV segment, with 2256 units registered (37.9 per cent share of the light passenger category), followed by compact SUV on 1583 units (26.6 per cent share of the light passenger category) and large SUV (824 units for 13.8 per cent of light passenger sales).  

 

The top five battery electric vehicles in February were Tesla Model Y (145 units), followed by BYD Atto 3 (23 units), Ford Mustang Mach-E (20 units), Kia EV6 (17 units) and Audi E-Tron GT (14 units). 

 

Slightly better news came with light commercial segment registrations, where 3052 registrations marked a 13.8 per cent increase over February 2023 but 28.9 per cent lower than February 2022. On a year-to-date basis, LCV registrations are 26.8 per cent higher than the same period in 2023 and 18.4 per cent lower than the same period in 2022.  

 

Of these light commercials, a total of 29 units registered in February were battery electric, contributing to the 37 units clocked up in total so far year-to-date. 

 

Ford continued its market lead in light commercials with a 35.0 per cent market share (1067 units) followed by Toyota with 29.4 per cent (898 units) and Mitsubishi third with 14.3 per cent (437 units).  

 

The light commercials that New Zealanders bought the most of in February were the Ford Ranger (956 units), followed by Toyota HiLux (692 units), Mitsubishi Triton (437 units), Nissan Navara (219 units) and Toyota HiAce (160 units). 

 

Lastly, heavy commercial clocked up 536 registrations in February 2024, and 1239 so far this year, to date. 

 

 

Top 10 sales by Make (February passenger, SUV and commercial): 

 

 

 

Top 10 sales by Model (February passenger and SUV): 

  

  

  

Top 10 sales by Model (February commercial): 

  

 

*All figures are supplied courtesy of the Motor Industry Association of New Zealand