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

 

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Reserve Bank: Labour Calls For Monetary Policy To Expand Goals

Labour's comments follow a speech today by RBNZ governor Graeme Wheeler in which Wheeler sought to answer critics who variously say he should stop lowering interest rates, lower them faster, or that inflation-targeting should no longer be the primary goal of the central bank's activities. More>>

ALSO:

BSA Extension And Sunday Morning Ads: Digital Convergence Bill Captures Online Content

Broadcasting Minister Amy Adams has today announced the Government’s plans to update the Broadcasting Act to better reflect today’s converged market... The Government considered four areas as part of its review into content regulation: classification requirements, advertising restrictions, election programming and contestable funding. More>>

ALSO:

March 2017: Commerce Commission Delays Decision On Fairfax-NZME

The Commerce Commission has delayed its decision on the proposed merger between NZME and Fairfax Media's New Zealand assets, saying the deal is complex and it needs more time to assess the impact on both news content and the advertising market. More>>

ALSO:

Plan Plan: Permanent Independent Hearings Panel Proposed For Planning

The Productivity Commission recommends creating a permanent independent hearings panel like the one that cut through local politics to settle Auckland’s Unitary Plan, for the whole country. More>>

ALSO:

Statistics: NZ Jobless Rate Falls To 5.1% Under New Methodology

New Zealand's unemployment rate fell more than expected in the second quarter as Statistics New Zealand adopted a new way of measuring the labour market to bring the country in line with international practices, and while a growing economy continued to support jobs growth. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news