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New vehicle sales in New Zealand slip 2 percent during April
New vehicle registrations in New Zealand fell 2.0% year on year (y/y) to 10,423 units during April, according to data released by the country's Motor Industry Association (MIA). Passenger vehicle registrations during the month fell 2.1% y/y to 6,848 units, while commercial vehicle (CV) registrations reached 3,575 units, down 1.8% y/y. Toyota remained the overall market leader in April with a 13.0% market share, followed by Ford with 11.0% and Mazda with 9.0%. The Ford Ranger was the best-selling vehicle during the month with sales of 745 units, followed by the Toyota Hilux (457 units) and the Mazda CX-5 (317 units). "The market for new vehicles remains at historically high levels with registrations underpinned by a range of economic factors. Net immigration, while reducing, is still elevated based on long-term trends, new vehicle prices remain competitive and the economy is stable," said MIA chief executive David Crawford. For the year to date (YTD), new vehicle registrations in the country stand at 50,816 units (up 1.4% y/y), split between passenger vehicle registrations of 34,110 units (down 0.9% y/y) and CV registrations of 16,706 units (up 6.5% y/y).
Significance: The decline in new vehicle registrations in New Zealand during April can be attributed to a high base of comparison. During April 2017, new vehicle registrations in the country had surged 7.0% y/y to 10,635 units, thanks to new product launches, the popularity of sport utility vehicles (SUVs), and low interest rates. IHS Markit forecasts that light-vehicle sales, including passenger vehicles and light commercial vehicles, in New Zealand will come in at 154,573 units in 2018, down 0.5% y/y, mainly due to a high base of comparison.
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The above article is an excerpt from AutoIntelligence Daily by IHS Markit. AutoIntelligence Daily provides same-day analysis of automotive news, events and trends. Get a free trial and read the full article.
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