The Australian automotive industry has hit a milestone with record-breaking new vehicle sales in March 2024. Figures released by the Federal Chamber of Automotive Industries (FCAI) reveal that 109,647 new vehicles were sold, surpassing the previous March record set in 2018.
“This is a terrific result for the sector,” said FCAI Chief Executive Tony Weber. “Nine out of the past twelve months have seen record sales, totalling over 1.25 million new vehicles since April 2023.”
Weber also highlighted the challenges ahead, including introducing the New Vehicle Efficiency Standard (NVES) and ongoing cost-of-living pressures.
“A fuel efficiency standard is long overdue. However, we remain concerned at the speed and magnitude of the change for both manufacturers and more importantly, consumers,” Mr. Weber said.
“The car makers will respond, however, it will take time to develop new products, especially in the large SUV and Light Commercial segments, that meet expectations in terms of price, performance, and emissions, noting these vehicles make up more than one-third of new vehicle sales in Australia,” he added.
“We look forward to working with the Government regarding the administration of the proposed NVES and the development of critical supporting activities such as the development of an effective national recharging network for electric vehicles,” Mr Weber said.
Market Statistics
SUVs continued to dominate the market, making up 58.9 percent of sales, while Passenger and Light Commercial segments saw slight declines with 16.1 percent and 21 percent market share respectively.
Meanwhile, battery electric vehicles (BEVs) made up 9.5 percent of total new vehicle sales this month while hybrid and plug-in hybrids made up 14 percent.
Toyota led in sales with 18,961 units, followed by Ford, Mazda, Mitsubishi, and Kia. The Ford Ranger maintained its position as Australia’s top-selling vehicle.
The Ford Ranger was Australia’s top-selling vehicle with sales of 5,661, followed by the Toyota RAV4 (5,070), Tesla Model Y (4,379), Toyota HiLux (3,995), and Mitsubishi Outlander (2,764).
Sales increased across all states and territories except Tasmania which recorded a small decrease of 0.6 percent (1,610). Sales in the Australian Capital Territory were up by 0.5 percent (1,584); New South Wales 11.7 percent (33,808); Queensland 5.9 percent (23,550); South Australia 6.9 percent (6,992); Victoria 24.9 percent (30,099); Western Australia 9.3 percent (11,074) and Northern Territory 19.8 percent (930).
Did you find this article interesting? Click the ‘heart’ button above to give it a ‘like’!
