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Mitsubishi defies slump in new vehicle registrations

on July 7 2019 | in Highlights, Industry news, Latest news | by | with Comments Off

New vehicle registrations in New Zealand are slowing as the market readjusts to changing economic conditions after a boom five years of record numbers.

Registrations for the six months to the end of June were down around 6 per cent, or almost 4500 units, on the same period last year, says the Motor Industry Association (MIA).

That’s an average slump of more than 700 cars a month. June numbers alone were down almost 8 per cent on June 2018. Passenger car and SUV registrations in June fell 10 per cent and light commercial vehicles 4.5 per cent.

Is this the early stages of a long-term reversal in registrations? Is the New Zealand car market going the same way as Australia’s?

New vehicle registrations across the Ditch have fallen month-on-month for the past 15, the deepest and longest period of decline in registrations in a decade. June registrations were the weakest since 2012.

“It’s the toughest I’ve seen in 20 years and no one can see a way out,” a multi-brand dealer told the Sydney Morning Herald.

Australian observers say tighter requirements for car loans have blunted the benefits of record-low interest rates and private buyers are still nervous about their financial stability amid weakening house prices.

MIA chief executive David Crawford said the trend in New Zealand is certainly downward. “However, we need to remember we are coming off five year-on-year records for new vehicle sales.

“In this context, 2019 is looking to be a more pedestrian compared to the last two.”

One major player defying the trend is Mitsubishi Motors NZ (MMNZ). Its January-June registrations were up 11 per cent on 2018. Others going against the tide were Hyundai, Nissan, Subaru, Mercedes-Benz.

Comparison of registrations Jan-June 2018 and 2019

Toyota: 2018 – 13,968; 2019 – 11,840; down 15.0%, or 354 registrations a month

Ford: 2018 – 8748; 2019 – 7998; down 8.5%, or 125 a month

Mitsubishi: 2018 – 5914; 2019 – 6563; up 11.0%, or 108 a month

Mazda: 2018 – 6186; 2019 – 5910; down 4.4%, or 46 a month

Holden: 2018 – 6413; 2019 – 5867; down 8.5%, or 91 a month

Hyundai: 2018 – 4028; 2019 – 4363; up 8.3%, or 56 a month

Nissan: 2018 – 4150; 2019 – 4298; up 3.5%, or 25 a month

Kia: 2018 – 3650; 2019 – 3466; down 5.0%, or 31 a month

Suzuki: 2018 – 3435; 2019 – 3303; down 3.8%, or 22 a month

Honda: 2018 – 2804; 2019 – 2694; down 3.9% or 18 a month

Volkswagen: 2018 – 2990; 2019 – 2596; down 13.1%, or 66 a month

Subaru: 2018 – 1822; 2019 – 1898; up 4.1%, or 13 a month

Mercedes-Benz: 2018 – 1601; 2019 – 1676; up 4.6%, or 13 a month

Isuzu: 2018 – 1455; 2019 – 1150; down 21.0%, or 51 a month

Audi: 2018 – 1068; 2019 – 772; down 27.7%, or 49 a month

BMW: 2018 – 1020; 2019 – 876; down 14.1%, or 24 a month

 

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