Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


New vehicle market boom continues

New vehicle market boom continues

With 9356 new vehicles registered in New Zealand in October (7433 cars and 1923 commercials), the booming market shows no signs of abating. Milestones set in October included the following:

It was easily the strongest month of 2003 for new car sales, surpassing the previous highest month (September) by 7.5%. It was the best October for new car sales since 1984, and the best for commercial vehicle sales since 1990. With two months of the year to go, the 2003 new car market already exceeds the full year total for every year between 1997 and 2001. With two months of the year to go, the new commercial vehicle market already exceeds the full year total for every year between 1987 and 2001, with the exception of 1990.

Conservative projections indicate that the 2003 full year new car market will easily surpass that of 2002 (itself the best year since 1996) and will be the strongest since 1990. New commercial vehicles are on target to experience their best market since 1985.

The Motor Industry Association is welcoming what is now a sustained recovery in the new vehicle market. “The turnaround started in 1999 after the removal of tariffs on new vehicles the previous year, and gathered momentum as reduced depreciation fed into the used car market from 2002 onwards,” said Perry Kerr, CEO of the MIA. “It’s encouraging that all sectors of the new vehicle market are continuing to fire, from private purchasers to the rental sector.”

Toyota have consolidated their year to date lead in both passenger cars and commercials. In October, Ford in fact lost ground to both Holden and Mitsubishi, finishing fourth for the month in both passenger cars and total vehicles, but they are still in a strong second place year to date.

In the individual model stakes, Commodore has extended its lead over Falcon, while Mitsubishi Lancer is advancing rapidly up the charts (it actually took third place from Corolla in October).

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>

ALSO:

Results:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news