Flooding and widespread disruption caused by cyclone Gabrielle has resulted in a 23.7 per cent decrease in new car registrations in New Zealand. According to the Motor Industry Association, of 9,541 new vehicles were registered in February 2023. This represents the lowest figure for the month since 2014.
The recent weather events on the back of softening economy were a double whammy for the new vehicle sector in the month of February,” said MIA Chief Executive David Crawford.
“While we expect demand for new vehicles in coming months to increase to replace those written off by recent weather events, high inflation combined with logistical delays due to road infrastructure creates a degree of uncertainty in the market,” Mr. Crawford added.
Market Leaders
Toyota retained the overall market lead for the month of February with 18% market share (1,688 units), followed by Ford with 12% (1,187) units and Suzuki with 8% market share (768 units).
BEVs, PHEVs and Hybrids
There were 765 light vehicle BEVs and 8 heavy vehicle BEVs registered in February. The top models were the BYD Atto3 (143 units) followed by the MG ZS (104 units) and the Tesla Model Y (95 units).
There were 354 PHEV’s registered for the month of February. The top models were the Mitsubishi Eclipse Cross (170 units) followed by the Kia Sorento (32 units) and the Ford Escape (23 units).
Registrations of Hybrid vehicles (HEVs) were strong compared to overall registrations with 1,237 vehicles registered in February. The top models were the Suzuki Swift (171 units), followed by the Honda Jazz (151) and the Toyota RAV4 (122 units).
SUV and Passenger Vehicles
Suzuki was the market leader for passenger and SUV registrations in February with 12% market share (767 units) followed by Toyota also with 12% (744 units) and then Hyundai with 9% market share (562 units).
The top selling passenger and SUV models for the month were the Suzuki Swift (487 units) followed by the MG ZS (234 units) and the Hyundai Kona (217 units of which 94 were BEVs).
Commercial Vehicles
For the month of February, Toyota retained the market lead with 29% market share (944 units) followed by Ford with 28% (932 units) and Mitsubishi third with 7% market share (234 units).
The top models for the month of February were the Ford Ranger (859 units), closely followed by the Toyota Hilux (849 units) and the Mitsubishi Triton (230 units).
Segmentation – What Are Consumers Buying
The tops spots were the SUV compact segment with 19% share followed by SUV medium vehicles with 18% then the Pick Up/Chassis 4×4 segment also with 18% market share. The small to medium segments comprised 58% of the total market.
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