NZ Sales: Market cooler in March

WITH the arrival of the NZ March sales data comes the grim news of continuing soft demand for new vehicles, down 27 per cent on the same month last year.

Figures released by New Zealand’s Motor Industry Association show that the 11,616 March 2024 registrations, are down 4381 units (27.4 per cent) on the same month last year, and 9388 units lower (44.7 per cent) than the sales achieved during March 2022.

As far as New Zealand’s year to date new-vehicle registrations are concerned, the trend for the first quarter of the year is 10.8 per cent lower (4091 units) than the 2023 first-quarter results.

According to New Zealand Motor Industry Association Chief Executive, Aimee Wiley, the ongoing sluggish demand in March new-vehicle registrations is due to a wider economic slowdown in New Zealand.

Interest rates rises to counter inflation have also eased consumer spending, Ms Wiley said.

Light passenger vehicles (including SUVs) were hardest hit compared with the same month last year, down 34.9 per cent or 4055 units, with the March 2024 total of 7571 registrations.

Taken on a YTD basis, the light passenger segment was down 20.3 per cent compared with March 2023, and down 22.0 per cent down compared with the March 2022 results.

As for light commercial vehicles, March 2024 registrations were down a relatively low 6.5 per cent (236 units), but sharply contrasts with March 2022, with 63.3 per cent fewer (5814 units) registrations than two years ago.

However, in the YTD figures, commercials are looking more healthy than last year with a 13.4 per cent rise (1210 units) over the first quarter 2023 results. The heady days of first-quarter 2022 commercial registrations appear to have evaporated; the 2024 results are 41.9 per cent down on January to March 2022.

Meanwhile, heavy commercial vehicle vehicles are down 11.8 per cent (90 units) over March 2023, but had a better showing than the same month in 2022, up 5.8 per cent or 37 units over the third month of 2022.

Headline winners of manufacturers participating in the light passenger segment in March include Toyota with 1585 units registered and 20.9 per cent segment share, Kia 969 units and 12.8 per cent segment share and Mitsubishi 808 units and 10.7 per cent segment share.

The top three light passenger models for the month of March were the Toyota RAV4 (pictured), 791 units and 10.4 per cent segment share, Kia Stonic, 327 units and 4.3 per cent segment share just head of the Kia Seltos, with 325 units and 4.3 per cent segment share.

The type of light passenger vehicles most favoured by buyers were SUV medium, with 2652 units registered (35.0 per cent share of Light Passenger), then SUV compact, 2563 units (33.9 per cent share of Light Passenger) and thirdly, SUV Large, with 625 units (8.3 per cent share of Light Passenger).

Parsing the motive power registration results for light passenger show a continued cooling of battery electric vehicle registrations, not surprising given the expiry of government incentives late last year.

A total of 477 BEVs were sold in March 2024, compared with 2629 in the same period last year.

Plug-in Hybrid Vehicle registrations are also down form 515 last March to 226 this March.

Non-Plug in Hybrid Vehicles are doing better, with 2577 registered this March compared with 2551 last March.

Petrol, diesel and LPG vehicles were down, with 5915 sold in March 2023 and 4291 this March, but held by far the largest share of March 2024 sales by motivation type – that is, 56.7 per cent.

This compares with 34.0 per cent for HEVs, 6.3 per cent for BEVs and 3.0 per cent for PHEVs.

The top five new BEV models registered in March: Tesla Model 3 (125 units), followed by Tesla Model Y (74 units), MG 4 (42 units), Volkswagen ID.4 (28 units) and BYD Dolphin (20 units).

As for PHEVs, the top five models in March: Mitsubishi Eclipse Cross (32 units) followed by Mitsubishi Outlander (31 units), Mini Countryman (30 units), Mazda CX-60 (17 units) and Land Rover Range Rover Sport (13 units).

The top five HEVs in March were: Toyota RAV4 (790 units), followed by Toyota Corolla Cross (181 units), Toyota Yaris Cross (147 units), Toyota Yaris (134 units) and Toyota Corolla (112 units).

Ford continued as market leader in light commercials with 32.6 per cent market share (1101 units) followed by Toyota with 23.9 per cent (806 units) and Mitsubishi in third place with 20.2 per cent market share (681 units).

The most popular light commercial models in March were the Ford Ranger (1005 units), followed by Mitsubishi Triton (681 units), Toyota HiLux (611 units), Nissan Navara (292 units) and Toyota HiAce (107 units).

Just 22 light commercial BEVs were sold in March, with a total of 59 year-to-date.

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

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

Top 10 sales by Model (March commercial):

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