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

 


NZ new vehicle sales surge in August, heading for FY record

NZ new vehicle sales surge in August, heading for annual record

By Tina Morrison

Sep. 5 (BusinessDesk) - Sales of new vehicles surged in August, suggesting annual sales may reach a new record this year, as the lower prices offered by a strong New Zealand dollar and a buoyant economy drive demand.

Registrations for new commercial vehicles rose to 3,106 in August, the strongest level since the Motor Industry Association began collecting the data in 1981, the Lower Hutt-based organisation said in a statement. Sales of new commercial vehicles so far in 2014 are 21 percent ahead of the same period last year and sales may exceed 36,000 by the end of the year, some 5,000 ahead of last year's record, the MIA said.

Meanwhile, sales of new passenger vehicles rose 3.7 percent to 7,083 in August from the year earlier month, with sales so far this year up 9.6 percent from the same period a year earlier.

New Zealand's economy grew at an annual average 2.9 percent pace in 2013 and the Reserve Bank has forecast it will expand 3.7 percent this year. Motor vehicle sales are considered a leading economic growth indicator as buyers need confidence in the outlook to make a significant purchase. Sales of new vehicles, which includes passenger and commercial, so far this year are 13 percent ahead of the same period in 2013 and at the current pace are set to reach a new record of 124,000 by the end of the year, the MIA said.

"The strong New Zealand dollar and healthy economic confidence combined with competitive pricing is fuelling the strong demand for new vehicles, returning sales to above pre-financial (crisis) levels," MIA chief executive David Crawford said.

Aichi, Japan-based Toyota Motor Co was the top selling brand in August, with an 18 percent share of sales, followed by Michigan, US-based Ford Motor Co with an 11 percent share and Holden New Zealand, the local unit of Detroit, US-based General Motors Co, also with an 11 percent share, the MIA said.

The Ford Ranger was the top selling commercial model for August, followed by the Toyota Hilux and the Toyota Hiace, the MIA said.

For passenger vehicles, the Toyota Corolla was the best seller, followed by the Holden Commodore and the Honda Jazz, the MIA said.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Our Fresh Water: Monitoring Report Confirms Serious Challenges For Rivers

• nitrogen levels are getting worse at 55 percent and getting better at 28 percent of monitored river sites across New Zealand • phosphorus levels are getting better at 42 percent and getting worse at 25 percent of monitored river sites across New Zealand More>>

ALSO:

Stats: Wind And Geothermal Emerge As Significant Sources Of Energy

Geothermal’s contribution to New Zealand’s total renewable energy generation increased from 11.5 percent in 2007 to 21 percent in 2015.... The value of wind jumped from $238 million (2 percent of total renewable energy generation) in 2007 to $884 million (6 percent) in 2015. More>>

Errors Found: Electricity Authority Dumps Transmission Pricing Modelling

The Electricity Authority is ditching the cost-benefit analysis at the heart of its controversial attempt to find a new way to divide up costs for the national grid after finding an expanding range of serious computational errors in the work by Australian consultancy Oakley Greenwood. More>>

ALSO:

New Record: Migrant Arrivals At 129,500 A Year

Annual net migration has been steadily increasing since 2012. "This was mainly due to the rising number of migrant arrivals to New Zealand," population statistics senior manager Peter Dolan said. "Fewer migrant departures also contributed to the increase in net migration." More>>

ALSO:

Launched: NASA's Super Pressure Balloon Takes Flight From NZ

NASA successfully launched its football-stadium-sized, heavy-lift super pressure balloon (SPB) from Wanaka, New Zealand, at10:50 a.m. Tuesday, April 25 (6:50 p.m. April 24 in U.S. Eastern Time), on a mission designed to run 100 or more days floating at 110,000 feet (33.5 km) about the globe in the southern hemisphere's mid-latitude band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news