NZ new vehicle sales rise 10% in August, may hit FY record

NZ new vehicle sales rise 10% in August, on track for record year

By Tina Morrison

Sept. 3 (BusinessDesk) - New Zealand new vehicle sales rose 10 percent in August and are on track for a second record year, despite a weaker currency pushing up the import prices.

New vehicle registrations increased to 11,192 in August from 10,189 in the year earlier month, according to the Lower Hutt-based Motor Industry Association.

New vehicle sales surged to a record 127,179 in 2014 and sales so far this year are 5 percent ahead of the same period last year. Vehicle sales are continuing to advance, underpinned by record migration, even as economic growth slows following a slump in dairy prices, the nation's largest commodity export, and the currency depreciates, making imports more expensive.

"The new vehicle market continues to defy general economic indicators," said MIA president John Manley. "Given the year to date sales position it is likely the industry will break the 130,000 unit barrier in 2015 for the first time ever."

New passenger vehicle registrations rose 9.4 percent to 7,752 compared with the year earlier month, marking the highest sales for an August month in 29 years. Commercial vehicle registrations advanced 11 percent to 3,440.

Japanese car maker Toyota was the top selling brand in July, with 21 percent market share, followed by Ford with 11 percent, and Holden on 9 percent.

The Toyota Corolla was the top selling passenger model for the month, followed by the Toyota RAV4 and the Mazda 3.

The Ford Ranger was the top selling commercial vehicle model, followed by the Toyota Hilux and the Holden Colorado.

(BusinessDesk)

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